Viva Energy’s Geelong Refinery will now be eligible to receive a greater share of the Morrison Government’s production payment grants which represents a major boost for Geelong workers.
The decision of Exxon Mobile to close its Altona Refinery means that the Geelong Refinery will now be eligible to receive a greater share of the funds allocated to the accelerated production payment grants.
The Fuel Security Package announced last year by the Morison Government demonstrates our commitment to safeguarding Australia’s energy security by ensuring an ongoing capability for domestic fuel refining.
The production payment, brought forward to January 2021 and funded by the Australian Government, will support domestic refining over the first 6 months of 2021, before transitioning to a long-term market mechanism in July 2021.
The Morrison Government is also supporting additional onshore storage by investing $200 million in a competitive grants program to build an additional 780ML of diesel storage and creating a minimum stockholding obligation for key transport fuels.
It is disappointing that the State Labor Government has refused to deliver any support for the Geelong Refinery in its 2020 Budget and does not recognise the importance of the Geelong Refinery to both local jobs and our national energy security.
10 February 2021