Fuel giant Royal Dutch Shell has put its Australian oil refinery up for sale as it plans to concentrate on large-scale sites in Asia.
The disposal of the Geelong Refinery (pictured), its last one in Australia, is in line with its aim of investing more on its Pulau Bukom refinery in Singapore. It is also part of Shell’s strategy to grow its retail and bulk fuels business, along with terminals and pipelines.
The 120,000 barrels per day Geelong refinery has been operating for 55 years and supplies fuel to around half of the Australian state of Victoria. The company said the site could be converted to an import terminal if it fails to find a buyer.
Andrew Smith, Shell Australia’s downstream Vice President added: “Refinery employees in Geelong have made a significant contribution to both Shell and the local community over many years, supporting the economy in south east Australia. Shell is one of Australia’s largest private sector investors and remains committed to its business in Australia.”
Shell aims to complete the sale by the end of 2014. The company has operated in Australia for more than 110 years and supplies fuel to around 900 service stations across the nation.