Refinery rescue deal to safeguard fuel stocks

Original article by Ben Packham
The Australian – Page: 5 : 14-Dec-20

The federal government is set to announce a rescue package for the Lytton, Geelong and Altona oil refineries to ensure that they remain operational until mid-2021. The refineries will receive a payment of at least $0.01 per litre for their petrol, diesel and jet fuel production over the six months from 1 January. Energy Minister Angus Taylor says the government is finalising a long-term market mechanism for the production payment, which is slated to take effect from 1 July. The future of Australia’s three remaining refineries has come under scrutiny following BP’s recent decision to close its Kwinana plant.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, SCIENCE, ENERGY AND RESOURCES, AMPOL LIMITED – ALD, EXXONMOBIL AUSTRALIA PTY LTD, VIVA ENERGY GROUP LIMITED – ASX VEA, BP AUSTRALIA LIMITED

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