Australian Oil Refining to disappear?

Australia’s refining industry has shrunk over the last 5 years and now there are only 4 operating refineries. Good port facilities allows Australia access to Asia Pacific and Middle East oil products. Australian refiners now supply less than 50% of the market (www.aip.com.au). More than 80% of Australia’s crude oil is imported. (www.energy.gov.au). With Caltex Lytton Refinery currently closed (and almost sold to a Canadian retail company!); ExxonMobil’s Altona Refinery effectively up for sale (China’s Sinopec?), BP Kwinana Refinery probably not fitting with BP’s zero carbon ambitions and is exposed on the west coast to South East Asia product availability, the future doesnt look good. The ‘energy security’ argument doesn’t hold as Australia rely on crude oil imports anyway. Combine this with overcapacity of refining in Asia Pacific and large efficient refineries still being built, Australia’s longer term ambition to reduce its carbon foot print and the refinery investment required to produce higher octane gasoline (more than 50% of Australia’s gasoline is 91 octane)… I wouldn’t be investing in Oil Refining Australia any time soon !!