Letter from Australia: Downstream rescue package may be wishful thinking
The Canberra government has tried to throw the country’s refineries a financial lifeline in an existential struggle
Australia’s fuel demand has been sent spiralling down by Covid-19’s impact on the economy, with GDP contracting in the second quarter by 7.1pc. One of country’s four remaining refinery operators, Viva Energy, warned in early September that without government help it would likely have to permanently shut operations at its Geelong facility in Victoria. And the mounting pressure on the industry prompted Australian prime minister Scott Morrison to announce a mid-September series of incentives to be rolled out in the 2020-2021 budget. The rescue package aims not only to help the industry survive the current downturn, but also to improve its long-term economic viability. But it is not immediately
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
