26 July 2012 07:16 [Source: ICIS news]
SINGAPORE (ICIS)--Caltex ?xml:namespace>
The decision was made following a review of its refineries which began in August last year, the company said, adding that the Kurnell refinery contributed the majority of losses in 2011 and 2012 to date.
“Our refineries are relatively small and, in their current configuration, are disadvantaged when compared to the modern, larger scale, more efficient refineries in the Asian region against which we compete,” it said.
The Kurnell refinery will cease operation in the second half of 2014, with the existing storage and associated facilities then being converted to a major transport fuel import facility.
Caltex said that it expects the closure of the refinery to involve a reduction in employee positions from about 430 to less than 100.
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