Based on an interim report by the Australian government on its liquid fuel security, the building of new, large oil refineries in the country are likely to remain uneconomical due to stiff competition from Asian refining hubs and because demand for refined fuels will peak globally in the 2030s. The report concluded, "Mega-refineries in Asia are always likely to be more competitive than Australian refineries. Already the refineries in major Asian fuel hubs are better suited to processing the type of oil Australia is producing on the North West Shelf. It could also lead to market conditions where oil companies may choose to close existing refineries if there is a surplus in global refining capacity."
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