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The Australian Government is pushing to keep the country s remaining two oil refineries open, using the Federal Budget to announce payments to help maintain Australia s current level of fuel security.
The number of Australian oil refineries has halved in the past seven months, putting increasing pressure on the country s limited storage capacity.
Using transport data compiled from January to October 2020, Australia has around 21 days of diesel reserves – the country s most consumed type of fuel – with marginally more petrol stored.
However, the estimated three weeks of diesel reserves was based on transportation needs when large areas of the country were in lockdown due to the coronavirus pandemic, and travel was heavily restricted.
China-Australia relations: Beijing set to dominate refined oil exports in Asia-Pacific region, observers say thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
Geelong s Viva Energy records $95 million loss for oil refinery
WedWednesday 24
updated
WedWednesday 24
FebFebruary 2021 at 5:46am
Viva Energy s latest losses come after a year of significant decline in demand for fuel due to the pandemic.
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Victoria s last oil refinery and one of two remaining in Australia has recorded a multi-million dollar loss for the last financial year.
Key points:
The company has moved to diversify its operations into renewable energy and gas
The future of Viva s oil refining operations remains uncertain, threatening Australia s domestic supply for fuel
Geelong s Viva Energy released its 2020 financial year results on Wednesday, reporting a $95.1 million loss to its oil refining arm and announcing a business recovery plan to boost the company s earnings going forward.
ASX 200 closes high as statistics show Aussie shoppers likely to remain online due to pandemic
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MonMonday 14
updated
MonMonday 14
New statistics show Australians remain apprehensive about shopping in large complexes due to COVID-19.
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The Australian share market has risen slightly, led by the major banks, after NAB s sale of MLC was cleared by the competition watchdog.
Key points:
Healthcare stocks fell for a third straight session to their lowest in two months
Shares in NAB were higher after the competition regulator gave the green light to IOOF s $1.4b purchase of NAB s wealth division
Crown Resorts shares rose despite Maurice Blackburn launching a second class-action lawsuit against the casino giant