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Australian refiner Caltex plans to cut 350 jobs

08.25.2014  | 

Caltex, half-owned by San Ramon, California-based Chevron, will start shutting the Sydney facility in October as Australian refineries struggle to compete with plants in Asia, according to the company.

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By JAMES PATON
Bloomberg

Caltex Australia Ltd., Australia’s biggest oil refiner, plans to cut about 350 jobs that will result in a charge of as much as A$155 million ($144 million).

The job losses will mostly occur within 12 months and follow previously stated cuts related to closing the Kurnell refinery, the Sydney-based company said on Aug. 25 in a statement as it reported a 17% drop in after-tax profit.

Caltex, half-owned by San Ramon, California-based Chevron, will start shutting the Sydney facility in October as Australian refineries struggle to compete with plants in Asia, according to the company. Caltex said two years ago that it would halt refining at the unprofitable plant in the second half of this year and turn the facility into a fuel-import terminal, following a similar decision by Royal Dutch Shell.

Caltex shares rose 2.9% to A$26.30 in Sydney trading. The benchmark index fell 0.1%.

The review will result in restructuring costs in the second half of the year of A$130 million to A$155 million before tax, according to the statement. Caltex also said it expects an inventory reduction of about 1 million bbl in the second half of 2015.

Caltex said in July 2012 that closing Kurnell would lead to the loss of more than 330 jobs.



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MELENIOI M. SARACIN
09.02.2014

EARLY 2011 HPI have had a good publication in terms of FLUID
Oil & Gas Industry Equipment, Technology Innovations, Engineering
Principles of great Scientist & Engineers who pursue this wisdom
to inculcate knowledge of Design,Engineering, Construction & Maintenance of Oil refineries and Petrochemical/ Petroleum Plants'

jozef
08.26.2014

WE can say next crisis came. The war shall start.

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