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Investors cheer the government package to end refining losses
May 17, 2021 â 9.17am
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Subsidies that could top $2 billion should ensure Australiaâs two remaining oil refiners remain open for at least another six years but the generous package has raised questions about the cost to prop up the unprofitable plants and has failed to eliminate worries about fuel security.
After Prime Minister Scott Morrison announced the fuel security package in Brisbane, Ampol and Viva Energy immediately pledged to keep their respective refineries running until at least mid-2027, saving more than 1250 jobs and hundreds of contractor positions. The commitments depend on the support package being passed into law.