Shell’s Aussie refinery for sale

SYDNEY: Royal Dutch Shell has put its Geelong oil refinery in Australia up for sale and hopes to close a deal by the end of 2014, according to the company, in the face of mounting competition from Asia and reduced margins.

Geelong, which processes cheaper crude oils and products such as aviation fuel and bitumen, has been operating for 55 years and supplies about half of the Australian state of Victoria’s fuel.