The record
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- Australia's Prime Minister Anthony Albanese announced that the federal and Western Australian governments will jointly spend A$4 million on a feasibility study for the country's first new oil refinery in more than 60 years.
- The refinery, if it proves viable, would be built by industrial chemical producer Perdaman in Western Australia.
- The move comes as the Middle East war squeezes overseas fuel supplies and a Treasury report warned the global oil market has weaker buffers against supply shocks.
- Australia currently imports about 80% of its fuel and has only two operating refineries, down from eight in 2000.
What to watch next
- Results of the A$4 million feasibility study and whether the Perdaman project proceeds
- Choice of location for the proposed refinery
- How the Middle East conflict affects global oil inventories and refined fuel supply
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Named Australia · Iran · Ampol · BP · Midle East · Viva Energy · Anthony Albanese · Australian Treasury · Jim Chalmers · Perdaman · Western Australia State Government
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