Caltex Writes Down Refineries By A$1.5 Billion; Mulls Closures
February 15 2012 - 6:10PM
Dow Jones News
Caltex Australia Ltd. (CTX.AU) has written down the value of its
two refineries by A$1.5 billion as it struggles to compete with
larger facilities in Asia.
Australia's biggest refiner, half-owned by Chevron Corp. (CVX),
said Thursday it expects to release the results of a review into
its refineries in Sydney and Brisbane in about six months.
The review is considering options including investment in the
facilities, or closures, Caltex said in a statement.
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692;
Ross.Kelly@dowjones.com
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