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Australia's fuel crisis deepened overnight with a fire breaking out at Viva Energy’s (ASX:VEA) Geelong oil refinery. Firefighters have been battling the fire at the Corio plant, which can process 120,000 barrels a day of oil and is one of only two refineries still operating in Australia. Energy Minister Chris Bowen said there would be an impact on production of fuel from the refinery. "The fire is not yet under control. So, there's still some way to go. This is not a positive development, but obviously there's a long way to go in terms of working out just what the impact is...
“At this point, production of jet fuel and diesel is continuing at the refinery at reduced levels for safety reasons, as a precaution,”
Viva also operates 1300 Shell petrol stations across the country and runs a fuel and oil distribution network that supplies 25 per cent of Australia’s fuel. It is also the sole Australia manufacturer of aviation fuel.
Ampol (ASX:ALD) shares are spiking on the back of Viva Energy's refinery fire... Ampol runs the other of Australia’s two remaining oil refineries.
And checking Santos (ASX:STO) shares as it holds its AGM- With chairman Keith Spence announcing he will be departing in April 2027 from the position heading the boardroom of the oil and gas major. Spence has been chairman of Santos since 2018.
