Oil Industry Action Agenda Released

OIL INDUSTRY ACTION AGENDA RELEASED

The Federal Government and the oil industry today released the Downstream Petroleum Products Action Agenda.

AIP Chairman, Peter Duncan, said that the refining industry had come under severe challenge in recent years, the result of severe competition from new and expanded refineries in Asia.

Despite initiatives to improve efficiencies and reduce costs, the Australian refineries remain at a competitive disadvantage and their financial viability is threatened.

"The present situation in the refining industry is not sustainable", Peter Duncan said.

The refineries will also be required to make substantial additional investment if they are to meet the Government’s proposed new fuel specifications and place Australia amongst the leading countries in terms of environmental standards.

The Industry Action Agenda presents a policy framework in which the oil companies and the Government can work together to provide the best hope for Australia to develop a strong efficient refining industry that is environmentally responsible and which supplies the majority of the nation’s refined petroleum product needs.

"The oil industry looks forward to working with the Government in the implementation of the Industry Action Agenda", Peter Duncan said.

A copy of the Downstream Petroleum Products Action Agenda can be obtained from the Department of Industry, Science and Resources Web Site.