Australia to absorb some of Asia's excess oil products volumes
September 30, 2014
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Over the last decade, leading oil majors have been seeking to sell or convert their Australian refineries, which have lagged behind their newer and larger counterparts in Asia.
Clsoures during this period have created the need to import nearly 300 kb/d of fuel oil products in Australia and this is about a third of Australia's annual fuel demand. In October this year, Caltex will complete its conversion of Kurnell refinery to a major import terminal, while Vitol and Trafigura have made investments to develop fuel storage facilities and retail businesses. With the closure of refinery capacity, Australia will become increasingly reliant on imported petroleum products, and this import demand will help absorb some of Asia's excess volumes.
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