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Cheap Chinese petroleum drives refineries out of Australia

BP and ExxonMobil closures sound alarm for energy security

An oil refinery in Melbourne: Australia will be left with just two refineries after BP and ExxonMobil shut their facilities.   © Reuters

TOKYO/SYDNEY -- American and European oil majors look to shut refining facilities in Australia amid an influx of cheaper petroleum products from China, raising concerns in Canberra about the growing dependence on imports.

ExxonMobil said in February it will close the Altona refinery near Melbourne, citing factors including "the competitive supply of products into Australia." The company will convert the site into an import terminal for petroleum products, though no time frame was given for the transition.

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