Australia eyes first oil refinery since the 1960s to shield fuel supply
Federal and WA governments are studying plans to build a large refinery. They cite national security and global supply chain risks.
Australia could build its first new oil refinery since the 1960s, according to analyst Saul Kavonic. The Federal and WA governments announced an initial study six weeks ago.
Kavonic says there is now a real chance the project happens. Australia has shrunk from eight refineries down to just two: Ampol in Queensland and Viva Energy in Victoria.
National security concerns have grown stronger as global threats increase. Houthi militants recently took control of key ports.
This threatens oil traffic through the Red Sea. Ukraine's drone strikes on Russian energy sites are cutting Russian fuel exports by about 1 million barrels a day.
These supply chain breaks make Australian fuel independence more important than ever.
- 2
- Current refineries
- 8
- Previous refineries
- 1 million barrels a day
- Russian export reduction
- Saul Kavonic
- Analyst
Why it mattersA new refinery would reduce Australia's need to import fuel during global conflicts or crises.
AustraliaCheaper and more secure fuel supplies for Australian drivers and businesses, though the project would take years to build.
✓ Claims checked against the source. checked 12 d ago
