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- As the coronavirus pandemic continues to decimate demand for fuel, Australian oil refineries are evaluating their future
- The Federal Government is holding talks with oil refineries on shoring-up their long term future and Australia’s oil reserves
- Meanwhile, COVID-19 shows no sign of slowing, with more than 10.7 million cases recorded
- In Australia, 77 new cases of the coronavirus were recorded in Victoria alone
- NSW has also recorded eight news cases in the last 24 hours
As COVID-19 continues to decimate global demand for fuel, Australian oil refineries are engaging Government about helping secure their future.
Demand for fuel, gas and diesel dried up after border restrictions were introduced across the globe in a bid to slow the spread of the coronavirus.
As a result, Australia’s oil refineries are facing a tough immediate future.
Meaanwhile, in recent years they’ve also had to try and compete with newer refineries across Asia.
Combined with the pandemic and growing competition, it means Australia’s four refineries may not be able to upgrade their plants and keep them viable in the long-term.
Assistance needed
The Australian Government responded, announcing in April it wanted to take advantage of low prices, and shore-up our supply of oil, which is well below the recommended 90-day reserve.
The Government also signalled it would discuss helping the four refineries in the long-term.
“The Morrison Government is working with the Australian fuel industry to bolster Australia’s domestic fuel security and ease pressures on the nation’s refineries,” Energy Minister Angus Taylor said in a statement last month.
“The Government has also commenced a long-term strategic study of the refining industry. This work will assess the state of the industry and any required actions, with the objective of maintaining the long-term fuel security of Australia and enhancing national sovereignty,” he also said in the statement.
COVID-19 continues
Meanwhile, the spread of COVID-19 across the globe and in Australia shows no sign of stopping just yet.
77 new cases of the coronavirus have been recorded in Victoria in the last 24 hours.
The state is in the midst of an infection spike, with dozens of suburbs in Melbourne going back into lockdown.
The spike is also beginning to spread, with a Sydney man testing positive after visiting Melbourne. A Northern Territory local also contracted COVID-19 after visiting the capital city.
In a bid to ease the pressure on Victorian health officials, international flights have been diverted from Melbourne, with NSW primarily picking up the slack.
Eight new cases of COVID-19 have been recorded in NSW in the last day.
Globally, the number of coronavirus cases has topped 10.7 million, including more than 515,000 deaths.
21 States in the U.S. have recorded upticks in the amount of COVID-19 cases being recorded in the past week.
Meanwhile, the U.S. recorded 52,000 new cases of the coronavirus in one day yesterday; a new record.
