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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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