Viva Energy

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Viva Energy
TypePublic
ASX: VEA
IndustryOil refining, importing and sales
Founded13 August 2014; 7 years ago (2014-08-13)
Area served
Australia
Key people
Scott Wyatt (chief executive)
Number of employees
700[1] (2021)
Websitewww.vivaenergy.com.au

Viva Energy (ASX: VEA) is an Australian company that owns the Geelong Oil Refinery and retails Shell-branded fuels across Australia. It provides fuel to the Coles Express retail network.

Viva Energy supplies a network of over 1250 fuel outlets across Australia. In addition to the Geelong Refinery, it imports fuel supplied by Vitol through 22 import terminals.[1] Viva Energy was created in 2014 when parent company Vitol acquired Shell's refining and distribution in Australia.[2] Vitol retained 45% of Viva Energy when it was floated on the Australian Securities Exchange in 2018.[3]

In late 2020, Viva Energy agreed to be part of an interim government program commencing on 1 January 2021 to prevent more oil refineries closing, by providing one cent per litre subsidy. At that time, Viva Energy's Geelong refinery was one of four operating in Australia, and all but two (Geelong and Lytton Refinery near Brisbane) had been announced to be closing in 2021. To continue to receive the payment past July 2021, Viva Energy must agree to keep the refinery operating for much longer in support of national fuel security.[4] It reported a $95.1 million loss in 2020. The refinery site is proposed to be expanded to include a liquified natural gas import terminal.[5]

Viva Energy had a 35.5% stake in Viva Energy Real Estate Investment Trust (Viva Energy REIT, ASX: VVR) until 21 February 2020. Viva Energy REIT owns service station and convenience properties.[6] Once it was sold, Viva Energy REIT changed its name to Waypoint REIT Limited in May 2020.[7]

References[]

  1. ^ a b "About Viva Energy". Viva Energy. Retrieved 11 March 2021.
  2. ^ "Vitol completes acquisition of Shell's Australian Downstream business; Launches Viva Energy Australia" (Press release). Viva Energy. 13 August 2014. Retrieved 11 March 2021.
  3. ^ "Vitol raises $2.6bn with Viva Energy IPO". finance.nine.com.au. Retrieved 11 March 2021.
  4. ^ Toscano, Nick (14 December 2020). "Viva Energy takes $30m lifeline offer for Geelong oil refinery". The Sydney Morning Herald. Retrieved 11 March 2021.
  5. ^ Clayton, Rachel (24 February 2021). "Geelong's Viva Energy records $95 million loss for oil refinery". ABC News. Retrieved 11 March 2021.
  6. ^ "Viva Energy Sells 35.5% Holdings In Viva Energy REIT". REIT AsiaPac. 21 February 2020.
  7. ^ "Viva Energy REIT Limited Changes Its Name To Waypoint REIT Limited". REIT AsiaPac. 15 May 2020.
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