By Paul Millar
In a show of commitment, Corio refinery’s new owners have pledged to invest $150 million at the iconic site over the next two years.
Swiss-based, Dutch-owned Vitol officially took over the landmark Geelong site on Wednesday.
The refinery and downstream operations have been renamed Energy Australia. Viva Energy Australia will own and operate the refinery, its office locations and the Shell brand in the downstream sector.
Viva Energy chief executive Scott Wyatt said he was “delighted to be leading this business for the next phase of its development as Viva Energy Australia”.
“We expect to invest $1 billion over the next five years so we can continue to meet more than a quarter of Australia’s fuel needs efficiently and safely.
“The Viva Energy business is strong and we have ambitious plans to grow in Australia.”
Viva Energy spokesperson Jessica Marriner said the $1 billion investment was aimed at improving refining at the Geelong refinery and expanding supply capabilities to support growth plans over the next five years.
“Specifically, we expect to invest the $150 million in the planned major turnarounds at Geelong during the next two years,” she said.
“The global refining business is challenging but we believe that Geelong has the potential to play an important role in Australia’s energy future.”
Viva Energy comprises Shell’s Geelong refinery and an 870-site retail business along with its bulk fuels, bitumen, chemicals and part of its lubricants businesses in Australia.
Viva Energy will be the exclusive distributor of Shell-branded fuels and lubricants in Australia. The majority of Shell’s downstream staff in Australia will remain with Viva Energy.
In February 2014 Vitol announced it had reached a binding agreement with Shell to acquire its Australian downstream business, excluding aviation operations, for $2.9 billion.
