By Ross Kelly
SYDNEY--Caltex Australia Ltd. (CTX.AU) said Thursday it will
close its Kurnell refinery in Sydney and convert it to a fuel
import terminal by 2014 as it struggles to compete with
larger-scale facilities in Asia.
Australia's biggest refiner, 50%-owned by Chevron Corp. (CVX),
said it will continue operating its only other refinery, Lytton in
Brisbane, with a focus on operational improvements.
Caltex said it has also forged an agreement with Chevron for the
supply of transport fuels into Australia for it to sell through its
fuel marketing division.
Its decision comes after Royal Dutch Shell PLC (RDSB.LN) decided
to shut its Clyde refinery in Sydney. When Kurnell closes in the
second half of 2014, Australia's biggest city will have no
operating refineries and will rely on imports for its liquid fuel
needs.
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692;
Ross.Kelly@dowjones.com
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