ExxonMobil could shut down Altona refinery on introduction of emissions scheme

Wed. July 09, 2008; Posted: 09:33 AM

Jul 09, 2008 (Datamonitor via COMTEX) -- XOM | Quote | Chart | News | PowerRating -- ExxonMobil has said that it may shut down its Altona refinery in the Australian state of Victoria, following the introduction of a carbon emissions trading scheme in the country, according to Reuters.

The news source noted that the Australian government's climate change adviser, Ross Garnaut, has recommended the country to adopt a comprehensive regime of robust curbs on greenhouse gas emissions from 2010, allowing the sale of emission credits by cleaner businesses.

ExxonMobil noted that its Altona facility, which reportedly supplies around half of Victoria's fuel needs, could go offline under new emissions regulations as it would not be able to compete with overseas competitors who are not required to pay for emissions. The 130,000 barrels-per-day refinery reportedly accounts for around 16% of Australia's refining capacity.

Mark Nolan, ExxonMobil Australia chairman, as quoted by the news source, said: "If you put a carbon price on Australian petroleum refining we would find it very difficult, if not impossible, to recoup any of those costs because the price of petroleum products in Australia reflects the regional market."

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For full details on Exxon Mobil Corporation (XOM) click here. Exxon Mobil Corporation (XOM) has Short Term PowerRatings of 5. Details on Exxon Mobil Corporation (XOM) Short Term PowerRatings is available at This Link.

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