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EnergyAustralia to shore up last two oil refineries with up to $1.8 bln
Renju JoseSonali Paul
3 minute read
Australia has reached a deal to keep its last two oil refineries open with up to A$2.3 billion ($1.8 billion) in support until 2030 to ensure the country s long-term fuel security amid tough competition from Asian refineries.
The package will help Ampol Ltd (ALD.AX) and Viva Energy Group (VEA.AX) keep their refineries open until at least 2027 and save 1,250 jobs across the two plants, Prime Minister Scott Morrison said.
Investors applauded the big subsidies, sending Ampol s shares up nearly 10% and Viva s shares up as much as 9%.
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Snowy expects the 750 megawatt gas power plant it proposes to build in the NSW Hunter Valley will generate power just 2 per cent of the time and will run on gas and diesel.
Petrol and diesel supplier Ampol has made it clear the final form of the refinery subsidy still under negotiation with the federal government will be critical to the decision whether to keep its sole refinery in Brisbane in operation.