Agree. I do not see a subscale local (arrowsmith) refinery for this heavy crude to be even remotely likely. They do not have the capital, nor the customers for the various fractions among other issues.
The only option I see is to export for offshore refining at higher cost than status quo, which will push the tenuous CH economics to clearly loss making.
I have sold out of this position, fortunately mostly a few weeks ago. They will likely kick the CH can down road to delay inevitable decomm costs. All IMO.
Ann: Response to BP Kwinana Refinery Announcement, page-31
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