ExxonMobil to Shut Down Altona Refinery in Australia, Convert to Terminal, an Industrial Info Market Brief

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ExxonMobil said it plans to shut its 90,000-barrel-per-day Altona refinery in Melbourne, Australia, and convert it to an import terminal. The company said it reviewed operations and considered economic factors that impact earnings, such as declining domestic crude oil production.

The closure would leave Australia with only two operating refineries -- Geelong and Lytton -- but Altona would remain operational during the transition, which is expected to begin in around six months, according to Australian Broadcasting Corporation.

ExxonMobil said it will continue to supply the country with oil and gas, including 40% of that in eastern Australia.