Government aims to cut reliance on imported fuels and bolster energy security amid global supply risks.
Australia has initiated a feasibility study for a new oil refinery, the first potential facility of its kind in the country since the 1960s. The move is part of a broader push to reduce dependence on imported fuels and enhance national resilience against global oil shocks, Prime Minister Anthony Albanese said.
The study follows decades of declining domestic refining capacity, with Australia currently relying on imports for over 90% of its fuel needs. No new refineries have been built since the Kwinana refinery in Western Australia, which opened in 1955. Officials have not disclosed potential locations or timelines for the project.
The government framed the initiative as a strategic step to mitigate vulnerabilities from geopolitical disruptions and supply chain constraints. Market reaction was not immediately detailed in the announcement.