Petroleum Refining and Petroleum Fuel Manufacturing in Australia - Industry Market Research Report

Petroleum Refining and Petroleum Fuel Manufacturing in Australia - Industry Market Research Report

Petroleum Refining and Petroleum Fuel Manufacturing in Australia

The Petroleum Refining and Petroleum Fuel Manufacturing industry has faced highly volatile conditions over recent years, as the COVID-19 pandemic wreaked turmoil on global energy supply chains. The global situation filtered down to Australia's petroleum market, contributing to the closure of two of Australia's last four remaining oil refineries. BP closed its refinery in Kwinana, while ExxonMobil shut down the Altona refinery. The closures resulted in these two energy giants leaving the industry altogether. Both the closed refineries were converted into import terminals, which meant that they directly intensified import competition in the industry. Overall, industry revenue is expected fall at an annualised 6.9% over the five years through 2023-24, to an estimated $13.5 billion.

Industry companies primarily refine crude oil or condensate (a light form of oil) to produce petrol, fuel oil, aviation fuel, grease base stock, petroleum gases and other petroleum products. Companies also blend materials into petroleum fuels and manufacture fuels from the liquefaction of petroleum gases. These products are then marketed by wholesalers and retailers, which may be owned by firms that operate the refineries.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.