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Three Of The Largest Petroleum Refineries In The Country Have Come To An Agreement

–The Engen refinery in Durban, South Africa, is back online, the company confirmed. The refinery was recommissioned on May 16. The refinery opted for a temporary closure from March 27 « due to the expected drop in demand for petroleum products during the national lockdown. » The list includes 697 oil refineries (January 2020). 2.73 The most pessimistic view was that this was the beginning of the end of Australian refining and the most optimistic view was that there was a future for Australian refining, but with increasing competitive pressure. The Committee also notes the near-universal agreement that, given global competition and the inability to achieve competitive economies of scale in Australia, new refineries are unlikely to open. After closure, it is highly unlikely that a refinery will reopen, especially since the site, port and storage facilities as well as distribution networks make conversion to import facilities a cost-effective option. 2.63 The global oil refining industry is undergoing significant structural changes. In Asia, larger and more efficient refineries are being built, leading to increased competitive pressure. Strengthening refining capacity in Asia has streamlined refining in well-established markets such as Europe and the United States of America. The Australian Petroleum Institute (AIP) noted that « we will likely continue to see further refinery closures across the Northern Hemisphere. » Since 2009, eight European refineries have closed and further closures are likely. Of these closures, two were in Britain.

[61] Our margin, which represents the difference between what we pay for crude oil and what we receive for our products, is in U.S. dollars. So the world of crude oil is a world in U.S. dollars, and the world where we sell our products is also a world named in U.S. dollars. We have already talked about import parity. We have a margin in US dollars and we have a cost of A dollar. As the cost of the A dollar crunches into this margin, it leaves less for the refinery.

[29] 2.29 The major oil companies have provided the Panel with full evidence that Australian oil refineries compete with other refineries in the region. 2.12 While industrial changes have taken place at the international level – restructuring and closures in some regions and growth in others – the Construction, Forestry, Mining and Energy Union (CFMEU) has argued that, as an island continent, particular attention should be paid to Australia`s refining capacity. [8] We will see that the typical cost of personnel in Australia is about 2.3 times higher than in Korea and about seven times higher than in India. The operating costs of a refinery in Australia, of which labour is a component, but only a component, have tripled over the past decade. Part of them is the Australian dollar, but part of them are the underlying labour costs. [30] . We will likely continue to see further refinery closures across the Northern Hemisphere. They also pointed out that if these refineries do not close, there will be more refineries with significantly lower utilization rates than they have been so far. [5] Houston-based VFuels Oil & Gas Engineering will conduct a feasibility study for the launch of a 5,000 b/d modular oil refinery in Punta Europa, Equatorial Guinea, the country`s Ministry of Mines and Hydrocarbons said.

Earlier, Minister of Mines and Hydrocarbons Gabriel Obiang Lima said the country hopes to build two modular refineries in the country, one in the Punta Europa complex on Bioko Island and the other in Cogo on the mainland. . . .

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