Australia’s government will provide US$1.5 billion (AUS$2 billion) in payments to its last two refiners to ensure that they stay open until 2030 and supply the country with domestically-produced fuels, Prime Minister Scott Morrison said on Monday. Australia will soon find itself with just two operating refineries, compared to eight operational sites 20 years ago. Due to its geographical position, Australia has lost the competition in the refining business as small and old refineries cannot rival the booming oil processing capacity in Asia,…
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