🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Australia's Viva Energy to keep refinery afloat on government support

Published 18/12/2020, 10:06 am
© Reuters.
BP
-
XOM
-
VEA
-
ALD
-

Dec 18 (Reuters) - Australia's Viva Energy VEA.AX said on Friday it would be able to operate its refinery in Victoria beyond mid-2021 by banking on government support for the industry that has been battered by the COVID-19 pandemic.

Energy Minister Angus Taylor on Monday promised to accelerate payments to support the country's three remaining oil refineries by six months, with Viva being the only refiner to tap government support so far. early September, Viva had warned that dire long-term outlook for the industry could lead to a full shutdown of its Geelong refinery. company expects to be able to maintain refining operations once the interim Refinery Production Payment concludes at the end of June 2021," Viva said in a statement.

Viva expects to report an annual underlying NPAT loss in the range of A$47 million ($35.84 million) to A$17 million, compared with a profit of A$135.8 million a year earlier.

Viva's decision to keep its refinery open comes amid doubts about the future of the country's other refineries after BP plc BP.L said it would shut its refinery, the country's biggest, in early 2021.

Exxon Mobil Corp (NYSE:XOM) XOM.N and Ampol ALD.AX Ltd have yet to commit to taking the government's short-term support payment ($1 = 1.3113 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.