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Australia's Ampol may shut oil refinery despite national security push

10/8/2020

Ampol Ltd is considering closing its Lytton oil refinery, one of Australia's four refineries, as it has racked up big losses because of a coronavirus-driven slump in fuel demand and competition from huge Asian plants. Ampol, formerly known as Caltex Australia, may close Lytton despite a recent offer from the Australian government of incentives worth A$2.3 billion ($1.6 billion) to the industry to keep the country’s refineries open for the sake of national security. Ampol's shares rose as much as 2.3% after flagging the refinery review, outpacing gains in the broader market. “We really appreciate the government recognizing with its proposed package the challenges that the refining sector i

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