I was delighted to join Energy Minister Angus Taylor to tour Viva Energy’s Geelong Refinery today to celebrate the Morrison Government’s fuel security package which has delivered a massive win for Geelong workers.
The Geelong Refinery, home to some 700 local jobs, plays a pivotal role in Australia’s fuel security.
Our fuel security package secures thousands of jobs, delivers vital fuel security in the national interest, upgrades vital infrastructure to deliver higher quality fuels and protect families and businesses from higher fuel prices.
The package delivers:
- A variable Fuel Security Service Payment (FSSP) to the Viva Energy and, funded by the Morrison Government, which recognises the fuel security benefits which Australia’s two refineries provide to all Australians;
- up to $302 million in support for major refinery infrastructure upgrades to help refiners bring forward the production of better-quality fuels from 2027 to 2024; and
- $50.7 million for the implementation and monitoring of the FSSP and the minimum stockholding obligation (MSO), ensuring industry complies with the new fuel security framework.
Details of the fuel security package are set out in the joint statement of 17 May 2021 here.