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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.