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Australia’s refineries seek government subsidies to stay open amid rising fuel costs and security concerns.
Australia’s two remaining oil refineries are seeking renewed government subsidies as rising global fuel prices and Middle East tensions heighten fuel security concerns.
With the current support set to expire in 2027, both Viva Energy’s Geelong and Ampol’s Lytton plants say inflation-driven cost increases threaten their viability.
The country imports about 90% of its liquid fuel, and domestic refining capacity has dropped 70% over the past 15 years.
Though fuel reserves are at their highest in over a decade, they still fall short of international recommendations.
The government is expected to decide on the subsidy extension within three weeks.
Las refinerías de Australia buscan subsidios gubernamentales para mantenerse abiertas en medio del aumento de los costos de combustible y las preocupaciones de seguridad.