• Energy

Australia to pay last two oil refineries up to $1.8 bln to stay open

By Renju Jose and Sonali Paul

May 17, 20219:56 AM GMT+10Updated 3 years ago

• Summary

• Viva Energy, Ampol to keep plants open to at least 2027
• Refiners to start making ultra-low sulfur petrol by end-2024
• Viva, Ampol to work with government on energy transition
• Ampol shares jump 10%, Viva shares up 9%

SYDNEY, May 17 (Reuters) - Australia has agreed to pay its last two oil refineries up to A$2.3 billion ($1.8 billion) through 2030 to keep the struggling plants open and protect the country's fuel security.

The package props up refineries owned by Ampol Ltd (ALD.AX), and Viva Energy Group

# And your bitching about $2m. Dill.