Shell to shut Australia Clyde oil refinery Sept 30

Oil giant Royal Dutch Shell will close its 79,000 barrels-per-day Clyde refinery near Sydney on Sept. 30 and convert the facility into a fuel terminal, Reuters reports.

The refinery has been struggling with poor industry margins and intense competition from mega-refineries in Asia, Shell said in a statement.

"The initial decision to close and convert Clyde, taken in July last year, was consistent with Shell's strategy to focus its refining portfolio on larger assets and to build a profitable downstream business here in Australia," it said.