Exxonmobil continues exit from Australia

Caltex Australia Ltd. is planning to buy out ExxonMobil’s Gladstone fuel terminal in Queensland, as the American oil major continues its exit from Australia. ExxonMobil sold its gasoline stations to 7-Eleven Australia in May. A new source says that ExxonMobil may eventually sell its Altona oil refinery in Victoria but wants to keep its Australian wholesale operations. “The key driver behind this arrangement was to realize cost and operational efficiencies for both parties,” a Caltex spokesman said. (November 5, 2010)