Caltex refineries under the pump

The Australian refining industry faces a daunting and destabilising wave of Asian competition, and following the latest Caltex writedown and review it will be interesting to see if the government intervenes.

Caltex’s Julian Segal has provided a deeper insight into the decision to write down the value of the group’s refineries and to review their future, a review that will probably lead to the closure of the Kurnell refinery in Sydney and Lytton refinery in Brisbane.

Last year’s decision by Shell to close its Clyde refinery and convert it into an import terminal was generally seen as the inevitable conclusion to a discussion that had been occurring for well over a decade.

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