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Issue 22/2020 - BP plans to convert Australian refineries into import terminals

 Last Update: 2022-11-12
 Source: Internet
 Author: User

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BP plans to convert the Australian refinery into an import terminal

BP announced it would close its 65-year-old Kwinana refinery in Perth and plan to convert it into a fuel import terminal
.
Kwinana is Australia's largest refinery, producing 150,000 barrels
of oil per day.
BP Australia said demand for fuel had fallen to record lows due to lockdown restrictions caused by the pandemic, forcing refineries to cut production sharply and profit margins plummeting, with four refineries in Brisbane, Melbourne, Perth and Geelong under intense pressure
.

BP said the continued increase in the number of large, export-oriented refineries in Asia and the Middle East had structurally transformed the Australian market
.
This, combined with oversupply of fuels and persistently low refining margins in Asia and the Middle East, means the Kwinana refinery is no longer economically viable
.
So the refining activities at the Kwinana refinery will be phased out over the next 6 months, and the retrofit will continue until 2022
.

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