Queensland to get $700m oil refinery
Australia
SYDNEY, May 19, 2015 – US-based Eagle Ford Oil & Gas Corporation and Australia’s Casper Energy have announced plans to build a $700 million oil refinery in Australia, the Sydney Morning Herald wrote on Monday.
The joint venture, to be built in Gladstone, Queensland, is due to be completed by mid-2019. The facility, which may be the first stage in a larger refinery, will produce 46,000 barrels a day of ultra-low sulphur diesel and premium gasoline. Completion of the necessary studies and obtaining government approvals is expected to take 18 months.
News of the new refinery comes after the recent closure of Caltex’s Kurnell refinery and Shell’s Clyde refinery, located close to Sydney. BP’s Bulwer Island refinery in Brisbane is also scheduled to close in mid-2015. The closures mark a cut of capacity of 490,000 barrels a day, with demand of over 1.25 million barrels a day.
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