Caltex Australia on track with refinery upgrades

Shell Australia’s Clyde oil refinery shutdown in 2013 will have little impact on oil refining or the security of fuel supply in New South Wales, Caltex shareholders were told. The chairman of Caltex Australia, Elizabeth Bryan, said oil refining remained a key part of its business and improvements to the refineries – in Kurnell and in the Brisbane suburb of Lytton – were on track to be completed by the end of next year. “We are an Australian company … and we are here for the long run,” Bryan said. Speaking at the company’s annual meeting, she said the outlook for Australia’s largest oil refiner remained positive. “These results were achieved notwithstanding exchange rate volatility and a slightly depressed market,” Bryan said. The firm posted a full-year profit after tax of A$302 million (US$324 million) last year, on a replacement cost of sales operating profit basis, 49% higher compared to a year ago. (April 22,2011)