Viva Energy welcomes the announcement made last week by Minister Bowen regarding the commencement of a Minimum Stockholding Obligation (MSO) for Australia. Together with Viva Energy’s commitment to maintain refining capability at Geelong, this will increase reserves of transport fuels and further strengthen Australia’s fuel security.
As the operator of one of Australia’s two remaining refineries, Viva Energy has an important role to play in safeguarding the supply of diesel and other fuels in a world where supply chains are increasingly challenged. Geelong Refinery is a critical part of Australia’s sovereign manufacturing capability.
In response to the MSO, Viva Energy has already commenced construction of additional diesel storage facilities (90 million litres) at the company’s energy hub in Geelong to ensure that it is able to meet these additional stockholding requirements from 2024. The company is also investing $300M to upgrade Geelong Refinery to meet new ultra-low sulphur fuel specifications and support the introduction of low emissions vehicles in Australia from 2025.
Geelong Refinery produces around 50% of Victoria’s fuel, with up to a third of the crude oil sourced from local Australian oil and gas fields. The refinery also produces a range of other products to support Australia’s unique requirements, such as bitumen for our roads, solvents for our mining industry and chemicals manufacturers, avgas which is used in planes to service our regional communities, and low aromatic fuels to help combat petrol sniffing. Viva Energy also operates the country’s only polypropylene plant which produces the high quality polymers used in our bank notes.
Viva Energy’s CEO, Scott Wyatt said that the company is proud of its commitment to continue refining at Geelong and supporting Australian energy security.
“Geelong Refinery has faithfully serviced Australia since it began operations in 1954, and we are making significant investments to ensure that we continue to maintain fuel security while also supporting the transition to lower carbon and renewable energies,” Mr Wyatt said. “Our first green hydrogen production and refuelling facility is being built alongside our refinery and this will see hydrogen powered trucks and buses on Geelong’s roads from as early as 2024.
“Transport fuels (Diesel, Jet and Petrol) are critical to keeping our country moving while we make the transition to lower carbon and renewable energies. Maintaining adequate fuel reserves, while also preserving the capacity to produce these fuels at our refineries, will help protect Australia and Viva Energy is proud to play our part as we have done for over 120 years through our historical links with Shell.
“We acknowledge the Federal Government’s contribution and support of the investments currently underway at Geelong, and look forward to supporting the initiative to increase Australia’s fuel reserves.”
Media Enquiries:
Michael Cave
T:
+61 409 647 910
E:
michael.cave@vivaenergy.com.au
About Viva Energy
Viva Energy (ASX: VEA) is one of Australia’s leading energy companies and supplies approximately a quarter of the country’s liquid fuel requirements. It is the exclusive supplier of high-quality Shell fuels and lubricants in Australia through an extensive network of more than 1,350 service stations across the country.
Viva Energy owns and operates the strategically located Geelong Refinery in Victoria, and operates bulk fuels, aviation, bitumen, marine, chemicals and lubricants businesses supported by more than 20 terminals and 55 airports and airfields across the country.
www.vivaenergy.com.au