Dec 18 (Reuters) - Australia's Viva Energy (VEA) said on Friday it would be able to operate its refinery in Victoria beyond mid-2021 by banking on government support for the industry that has been battered by the COVID-19 pandemic.
Energy Minister Angus Taylor on Monday promised to accelerate payments to support the country's three remaining oil refineries by six months, with Viva being the only refiner to tap government support so far.
In early September, Viva had warned that dire long-term outlook for the industry could lead to a full shutdown of its Geelong refinery.
"The company expects to be able to maintain refining operations once the interim Refinery Production Payment concludes at the end of June 2021," Viva said in a statement.
Viva expects to report an annual underlying NPAT loss in the range of A$47 million ($35.84 million) to A$17 million, compared with a profit of A$135.8 million a year earlier.
Viva's decision to keep its refinery open comes amid doubts about the future of the country's other refineries after BP plc BP.L said it would shut its refinery, the country's biggest, in early 2021.
Exxon Mobil Corp XOM.N and Ampol (ALD) Ltd have yet to commit to taking the government's short-term support payment
($1 = 1.3113 Australian dollars)
News: VEA Australia's Viva Energy to keep refinery afloat on government support
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