Australian parliament approves $1.8 bln oil refinery subsidies

Reuters2021-06-23

MELBOURNE, June 23 (Reuters) - Australia's parliament has approved plans to pay Viva Energy Ltd and Ampol Ltd

up to A$2.3 billion ($1.8 billion) to keep their struggling oil refineries open to protect the country's fuel security, Energy Minister Angus Taylor said on Wednesday.

Under the plan announced in May the government agreed to top up earnings at Australia's two remaining refineries when refining margins are weak through 2027, with an option to extend to 2030.

It also agreed to provide up to A$125 million each to Ampol and Viva to upgrade their refineries to produce ultra-low sulphur petrol by end-2024.

Payments to the refineries will begin from July 1, the government said.

The fuel industry will also be required to hold minimum stocks of 24 days of petrol and jet demand and 20 days of diesel demand from July 2022, with a 40% increase in diesel holdings required from July 2024.

Australia's ageing refineries have found it difficult to compete with much bigger, new refineries across Asia. The country's two other refiners -- BP and Exxon Mobil Corp

-- are shutting their plants this year.

(Reporting by Sonali Paul; editing by Richard Pullin)

((Sonali.Paul@thomsonreuters.com; +61 407 119 523;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

YeeYen
2021-06-23
YeeYen
Like and comment pls
- Wandakdash:
  Naise

Leave a comment

1

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2145061373?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2021-06-23 08:10","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2145061373","market":"us","top_or_hot":-1,"title":"Australian parliament approves $1.8 bln oil refinery subsidies","media":"Reuters","content":"<html><body><p>MELBOURNE, June 23 (Reuters) - Australia's parliament has approved plans to pay <a href=\"https://laohu8.com/S/VEADA.AU\">Viva Energy</a> Ltd    and <a href=\"https://laohu8.com/S/ALD.AU\">Ampol</a> Ltd</p><p>  up to A$2.3 billion ($1.8 billion) to keep their struggling oil refineries open to protect the country's fuel security, Energy Minister Angus Taylor said on Wednesday.</p><p>   Under the plan announced in May the government agreed to top up earnings at Australia's two remaining refineries when refining margins are weak through 2027, with an option to extend to 2030.  </p><p>   It also agreed to provide up to A$125 million each to Ampol and Viva to upgrade their refineries to produce ultra-low sulphur petrol by end-2024.</p><p>   Payments to the refineries will begin from July 1, the government said.</p><p>   The fuel industry will also be required to hold minimum stocks of 24 days of petrol and jet demand and 20 days of diesel demand from July 2022, with a 40% increase in diesel holdings required from July 2024.</p><p>   Australia's ageing refineries have found it difficult to compete with much bigger, new refineries across Asia. The country's two other refiners -- BP    and Exxon Mobil Corp</p><p>  -- are shutting their plants this year.</p><p> (Reporting by Sonali Paul; editing by Richard Pullin)</p><p>((Sonali.Paul@thomsonreuters.com; +61 407 119 523;))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Australian parliament approves $1.8 bln oil refinery subsidies</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAustralian parliament approves $1.8 bln oil refinery subsidies\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-23 08:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>MELBOURNE, June 23 (Reuters) - Australia's parliament has approved plans to pay Viva Energy Ltd    and Ampol Ltd  up to A$2.3 billion ($1.8 billion) to keep their struggling oil refineries open to ...</p>\n\n<a href=\"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ALD.AU","symbol_name":"AMPOL LTD","start_time":0,"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2145061373","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2145061373","pubTimestamp":1624407029,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"MELBOURNE, June 23 (Reuters) - Australia's parliament has approved plans to pay Viva Energy Ltd    a","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"ALD.AU":"AMPOL LTD","VEA.AU":"VIVA ENERGY GROUP LTD","WPR.AU":"WAYPOINT REIT","XOM":"埃克森美孚"},"translate_title":"澳大利亚议会批准180亿美元炼油厂补贴","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ALD.AU":0.9,"VEA.AU":0.9,"WPR.AU":0.9,"XOM":0.9},"content_text":"MELBOURNE, June 23 (Reuters) - Australia's parliament has approved plans to pay Viva Energy Ltd    and Ampol Ltd  up to A$2.3 billion ($1.8 billion) to keep their struggling oil refineries open to protect the country's fuel security, Energy Minister Angus Taylor said on Wednesday.   Under the plan announced in May the government agreed to top up earnings at Australia's two remaining refineries when refining margins are weak through 2027, with an option to extend to 2030.     It also agreed to provide up to A$125 million each to Ampol and Viva to upgrade their refineries to produce ultra-low sulphur petrol by end-2024.   Payments to the refineries will begin from July 1, the government said.   The fuel industry will also be required to hold minimum stocks of 24 days of petrol and jet demand and 20 days of diesel demand from July 2022, with a 40% increase in diesel holdings required from July 2024.   Australia's ageing refineries have found it difficult to compete with much bigger, new refineries across Asia. The country's two other refiners -- BP    and Exxon Mobil Corp  -- are shutting their plants this year. (Reporting by Sonali Paul; editing by Richard Pullin)((Sonali.Paul@thomsonreuters.com; +61 407 119 523;))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":123674937,"gmtCreate":1624423069029,"gmtModify":1703836223895,"author":{"id":"3583571765550095","authorId":"3583571765550095","name":"YeeYen","avatar":"https://static.tigerbbs.com/7fc7a5493cb04486fac45783a2b3e8a6","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3583571765550095","authorIdStr":"3583571765550095"},"htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/123674937","repostId":2145061373,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4973045,"gmtCreate":1624439834392,"gmtModify":1635250324925,"authorId":3558569595001242,"author":{"id":3558569595001242,"idStr":"3558569595001242","authorId":3558569595001242,"name":"Wandakdash","avatar":"https://static.tigerbbs.com/211ec3a66712c46a80ca45e20dbbd8a4","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":123674937,"type":1,"supId":0,"prevId":0,"content":"Naise","text":"Naise","html":"Naise"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2145061373"}