AUSTRALIAN OIL INDUSTRY

Press, Volume CI, Issue 29714, 6 January 1962, Page 8

AUSTRALIAN OIL INDUSTRY

More Than £37om Capital Invested

Capital investment by the major oil marketing and refining companies in Australia amounts to more than £370 million, says the Australian Petroleiim Information Bureau’s bulletin. Of this amount £223 8 million has been spent on the establishment of facilities for a nation-wide distribution of petroleum products. and £146.2 million on the erection of seven modern refineries.

In addition, almost £B9 million has so far been spent in Hie search for oil in Australia and its territories.

The industry provided employment during the year for more than 32,000 persons and paid salaries, wages and commission amounting to nearly £4l million. Total expenditure in all phases of the industry’s operations amounted to nearly £4l million. Total expenditure in all phases of the industry’s operations amounted to £359 million, almost £lO3 million of which was contributed to Government funds. Most of the oil' industry’s capital investment on refining, amounting to more than £146 million, has been spent since the war. The small refining industry which existed before the war produced only 54 million gallons of petroleum products in 1939.

In the year to June 30, 1961, Australia’s present large-scale, modern refining industry manufactured more than 3091 million gallons of refined products and met 88 per cent, of the nation’s requirements.