Earlier in 2014, Vitol acquired Shell’s Australian downstream business which included Shell’s Geelong refinery and 870-site retail business, in addition to its bulk fuels, bitumen, chemicals and part of its lubricants businesses for $2.6bn.
Sydney Morning Herald quoted Viva Energy spokeswoman Jessica Marriner as saying: "We believe [the] Geelong refinery can play an important role in Australia’s energy future and our focus is working with our employees, our customers and the local community to build a sustainable manufacturing business.
"While some economic factors are out of our control, we aim to improve performance through the planned investment, productivity gains, optimising feedstock and a number of growth initiatives."
Marriner said the company will use $150m to make the refinery more efficient, safe and reliable.
Vitol chief executive Ian Taylor said: "If world oil demand grows by a million or two barrels per day per year, which is what we expect, then the refining capacity of the world also needs to grow by a similar amount, and in fact that is not happening.
"So longer term, yes, we are making a bet that refining will be a cyclically good business."
