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Bloomberg
Australia will invest $154 million in new diesel storage facilities and introduce other measures aimed at shoring up the nation’s struggling refining industry and bolstering domestic fuel security.
A$200 million will be used to create an additional 780 megalitres (4.9 million barrels) of onshore diesel storage space, Angus Taylor, the country’s minister for energy and emissions reduction, said in a statement.
The nation’s government will also start work to introduce a refinery production payment and create a minimum stockholding requirement for key fuels.
Top refining companies Viva Energy Group and Ampol have put their facilities on review for potential closure as the coronavirus pandemic slashed fuel demand at a time when they were already struggling to stay competitive.
That has put pressure on Prime Minister Scott Morrison’s government to offer the industry support to safeguard fuel
security.