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Tag: refinery

  • Potential for first Australian oil refinery in 60 years as treasurer braces for inflation from Mi…

    Potential for first Australian oil refinery in 60 years as treasurer braces for inflation from Mi…

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    Potential for first Australian oil refinery in 60 years as treasurer braces for inflation from Middle East war

    Commonwealth and Western Australia to fund study into construction of large-scale petrol refinery as buffer against fuel vulnerability

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    Australia’s first new oil refinery in 60 years could be built in Western Australia under the Albanese government’s long-term strategy to shield the country from future global oil shocks.

    The commonwealth and the WA government will fund a $4m early-stage feasibility study into construction of what would be the country’s third large-scale petrol refinery.

    A series of refinery closures over the past 25 years means Australia now imports about 90% of its liquid fuels, a vulnerability exposed by the international oil crisis sparked by the US-Israel war on Iran.

    Third oil refinery would still rely on imported oil

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    A new oil refinery being considered for the country would still require imported oil to run, only partially shielding Australia from ongoing global shocks. 

    A $4 million pre-feasibility study into a new large-scale oil refinery at Karratha in the Pilbara will be announced by Prime Minister Anthony Albanese and West Australian Premier Roger Cook on Tuesday. 

    It would be built by Western Australian industrial company Perdaman and is slated to create thousands of jobs in a boost to the local economy.

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    PM launches plan for new oil refinery as fuel crisis bites

    Anthony Albanese will launch plans on Tuesday for a new oil refinery in Western Australia in recognition of the fragility of the nation’s liquid fuel supplies, as exposed by Donald Trump’s war against Iran.

    After flagging the move in April, the prime minister will dedicate $4 million towards a feasibility study into constructing the facility when he visits Karratha.

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  • Geelong refinery boss defends soaring fuel profit margins saying ‘they need to make money’ | Aust…

    Geelong refinery boss defends soaring fuel profit margins saying ‘they need to make money’ | Aust…

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    Geelong refinery boss defends soaring fuel profit margins saying 'they need to make money'

    The Viva refinery provides about 10 per cent of Australia's fuel. (ABC News: Danielle Bonica)

    Viva Energy's chief executive, Scott Wyatt, has defended a massive jump in the company's refining profit margins amid surging fuel prices.

    Earlier this week, Viva reported a Geelong refining margin of $US22 a barrel over the first quarter, only one month of which was affected by the spike in oil prices associated with the Iran conflict.

    Those margins were almost three times higher than the $US7.90 a barrel recorded in the first quarter of last year, and come on top of the rise in crude oil prices, which are up about $US30 a barrel since the beginning of the Iran war on February 28.

    Australia's Viva Energy posts three-fold jump in quarterly Geelong refining margin

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  • Kuwait desalination plant, oil refinery hit by missile and drone strikes | Kuwait says power, des…

    Kuwait desalination plant, oil refinery hit by missile and drone strikes | Kuwait says power, des…

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    Kuwait desalination plant, oil refinery hit by missile and drone strikes

    Meanwhile in UAE, 12 people were injured by debris fall and Oracle and Amazon Web Services data centres were hit.

    An air strike has hit a power and desalination plant in Kuwait.

    And 12 people have been injured in the United Arab Emirates as missiles were intercepted causing debris to fall, authorities in both countries said.

    Gulf nations continue to face retaliatory strikes on the 35th day of the war by the United States and Israel on Iran.

    Kuwaiti authorities blamed Iran for the strike before midday on Friday. The plant was not identified and the extent of the damage isn’t known.

    US-Iran War LIVE: Indian worker killed in Kuwait; trade disruptions drive oil past $115

    The war between US-Israel on side and Iran on the other has crossed the one-month mark, with the conflict showing no signs of resolution despite talk of negotiations.

    Over the weekend, the Iran-backed Houthis of Yemen joined Tehran in its fight against Washington and Tel Aviv, sparking fears of further disruption to global trade amid the effective closure of the Strait of Hormuz.

    Energy prices, meanwhile, continue to climb, with the Brent crude benchmark hitting $115 as of 0000 hrs GMT on Monday.

    Since US President Donald Trump, last week, backed down from strikes against Iran's energy infrastructure citing good and productive talks, there's been little to indicate any progress towards a ceasefire.

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  • Chaos as explosion rocks major US refinery | Huge Texas oil refinery explosion forces residents t…

    Chaos as explosion rocks major US refinery | Huge Texas oil refinery explosion forces residents t…

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    Explosion at Valero refinery in Port Arthur prompts shelter-in-place for west side residents

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    PORT ARTHUR, Texas — An explosion and large plume of smoke at the Valero refinery in Port Arthur prompted officials to order west-side residents to shelter in place, while nearby Nederland reported no impact from the incident Monday.

    The shelter-in-place was issued for the west side of Port Arthur from Stilwell West to South of 73. Pleasure Island and Sabine Pass are included in the shelter-in-place.

    Antonio Mitchell with the Port Arthur Fire Department confirmed an incident at the Valero facility.

    "The type of incident is unknown at this time," Mitchell said not long after the explosion as his crews headed to the scene.

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