VIVA Energy’s purchase of a non-controlling stake in fuel distributor Liberty Oil will safeguard jobs at Corio’s refinery, according to Viva’s chief executive officer.
The Liberty purchase was part of a wider program to build demand and improve the outlook for the refinery, Scott Wyatt said yesterday.
“Liberty is one of our largest customers and this investment means we can further supply regional Victorians with locally made fuel from Geelong. Selling more fuel produced at Geelong that’s then distributed throughout Victoria is good for the refinery and important to build a sustainable manufacturing business.
“This time last year, the refinery’s future was uncertain and Viva Energy is now working toward creating a successful, profitable business that benefits more than 1000 employees and contractors in Victoria, the Geelong community and the Victorian economy.
“We want to grow our business and the Liberty acquisition is a good example of this. The purchase is in addition to the expected $1 billion investment during the next five years to improve our refining business, expand our supply capability and develop our customer offering.”
Viva Energy Australia was launched following the completion of parent company Vitol’s acquisition of the majority of Shell’s Australian downstream business, including the refinery, in August. Viva Energy is now the exclusive distributor of Shell fuels and lubricants in Australia.
Liberty founding co-partner David Goldberger welcomed the acquisition.
“Liberty has ambitious plans to accelerate national growth and we’re very happy to welcome Viva Energy as a shareholder,” he said.
