In recent years the global oil refining industry has been undergoing significant structural change. Larger, more efficient 'mega-refineries' have been established in Asia resulting in increased competitive pressures on established refining operations, including those in Australia.
In 2013-14, 82 per cent of crude oil and other refinery feedstock was imported.340 It is unlikely there will be any new refinery capacity developed in Australia in the foreseeable future. The Shell Geelong refinery transferred ownership to Swiss energy group Vitol in 2014, and the company is focusing on selling most of the fuel produced into the domestic market.
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340. Carson, L. (2014), p. 108