Shell, Mobil to form Australian refining JV

Shell Australia Ltd. and Mobil Oil Australia Ltd. have signed a memorandum of understanding (MOU) to combine their Australian refining operations into a new 50-50 joint venture. If approved, the move will create a firm with 400,000 b/d of refining capacity, putting both partners among Asia's most prominent downstream players. More important, the companies say the new JV will provide the economies of scale Australian refiners desperately need to match the large export refineries in the region. It will have a book value of more than $2 billion (Australian). The companies have four refineries in Australia: Shell has refineries at Geelong, near Melbourne, and at Clyde, near S...

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