(EnergyAsia, June 27 2014, Friday) —- With the impending closure of one of its two refineries, Australia’s largest downstream oil company expects its first-half after-tax profit to fall to between A$150 million and $170 million compared with A$195 million for the same period last year. (US$1=A$1.05).
Caltex said it is winding down production at its 58-year-old refinery in Kurnell in Sydney ahead of its closure and conversion into a fuel terminal by end-2014. Caltex, half-owned by US major Chevron, will be left with only one refinery at Lytton in Brisbane.
The loss of the 124,500-b/d refinery at Kurnell will contribute to a first-half loss of A$65 million to A$85 million in the company’s refining and supply operations for the six months to June 30 2014.