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Billionaire prepared to put his own money into $15b oil refinery. Updated Sep 2, 2026 - 4.18pm, first published at 3.32pm The billionaire assessing whether Australia should build its first oil refinery in six decades says he will put his own cash into the potential $15 billion project, despite international oil majors dismissing local refining as unviable. Vikas Rambal, the Indian-born founder and chairman of industrial manufacturer Perdaman Global Services, said a facility could be profitable in Australia if built to sufficient scale, bucking the trend of refinery closures over the past decade as they struggled to compete with cheaper imports. "Absolutely we'll put our money in. We are not a consultant, we are a manufacturer," said Rambal. "I was approached by the [WA] premier and the prime minister [to assess a possible new refinery] because of my background, I said yes, it's possible, but we have to think large scale so that we can compete." Eight oil refineries have been closed across Australia over the past 20 years, leaving just two in operation: Viva Energy's plant in Geelong and Ampol's Lytton refinery in Brisbane. Western Australia has no refining capacity after oil major BP closed its Kwinana plant near Perth in 2021. The nation relies heavily on imports from areas such as South-East Asia and the Middle East - an arrangement that exposed the precarious nature of Australia's fuel supply chain when the conflict between the United States and Iran led to the vital Strait of Hormuz oil route being blocked. Viva and Ampol have struggled to turn a profit at their refineries for many years, but the Middle East conflict has sparked a major reversal in their fortunes. Operating profit at Ampol's Lytton facility rocketed to $533 million in the year to June 30, up from $1.1 million in the prior year, while underlying earnings at Viva's Geelong plant rose to $354 million from $18 million. The Albanese government in July asked Perdaman to investigate the feasibility of building a new refinery in WA, sparking criticism from green groups who believe it would encourage the wider use of fossil fuels. Business leaders also questioned its economic viability given an expected $10 billion to $15 billion construction price tag. "We want the refinery to be bankable," said Rambal, adding that any new refinery would most likely be backed by a mix of public and private funding. "This is a national project. It will look after Australia. There will definitely be [financial] input from the federal government, the state government... The cost of production will come down when you put in a world-scale refinery. "Should we have this refinery? It is a must. In the next era of uncertainty, we should have fuel security for this country." Rambal acknowledged that the project would not stack up without state support, but also expects to field interest from potential partners in the private sector. Privately owned Perdaman is due to deliver a feasibility study into the new refinery to the government in early 2027, with the Albanese government contributing $4 million to the cost. Rambal was speaking at the group's $6.4 billion Ceres fertiliser plant in WA's Pilbara, which is 85 per cent completed. Using a desalination plant and gas from energy giant Woodside's nearby North West Shelf operations, the fertiliser plant will produce 2.3 million tonnes of urea annually - more than half of Australia's annual consumption. Ceres will bolster the security of Australia's fertiliser supply after it was threatened by the Strait of Hormuz blockage. About a quarter of global seaborne trade in the key agricultural product passes through the channel. Perdaman has agreed to a 20-year gas supply deal with Woodside and a 20-year offtake agreement with Macquarie. The project is backed by $475 million in federal government loans. Rambal said at least a million tonnes of Ceres' annual urea production was earmarked for Australian farmers, as well as incentives for buyer Macquarie to sell the remaining output locally.

Key oil refinery long way from return to full capacity. Kaaren MorrisseyAAP 24 August 2026, 10:03pm One of the nation's critical onshore refinery facilities is still not back to 100 per cent capacity following a huge fire, as the owner looks to replace vital infrastructure after delivering its best-ever interim earnings. Viva Energy, which owns the oil refinery in Geelong, alongside a 1300-strong network of petrol stations across the country, reported a bottom line first-half net profit jump of 331.3 per to $452 million. The result was driven by runaway fuel sales at higher margins on the back of supply constraints caused by the Middle East crisis, which has closed the Strait of Hormuz, a vital global shipping lane. Net profit on a replacement cost basis - which excludes the impact of oil prices on inventories - soared by almost 500 per cent to $371.1 million in the six months ended June 30. This was its highest underlying first-half result, with all three business units reporting significant growth as total fuel sales hit 8490 megalitres. Viva Energy chief executive Scott Wyatt said the company - which operates one of two onshore refineries, with the other owned by Ampol - has identified opportunities in the federal government's recently announced fuel security measures. "Right now, we are heavily engaged with the government on policy development to provide long-term investment for the refining sector, which we expect to provide more certain returns than the current fuel security services payment," he told an earnings briefing on Tuesday. The Labor government wants to set up a one-billion-litre strategic fuel reserve, increase industry storage rules to ensure at least 50 days of supply and support the two refineries, one of which is in Brisbane. In April, a major fire broke out at Viva's facility in the Geelong suburb of Corio, affecting its alkylation processing unit, which turns low-value gases into a high-value, high-octane, clean-burning liquid called alkylate for premium petrol. The broader facility is back to 90 per cent capacity, but full production remains a way off until the unit is replaced. "We are assessing technology solutions and will work with our insurers to determine the best way forward over the coming months," Mr Wyatt said. "It's a bit of a work in progress." Viva's retail arm, which includes the petrol stations and more than 900 convenience stores, had a strong half with underlying earnings soaring 86.4 per cent to $138.7 million, mostly due to fuel sales under the Shell, OTR Liberty and Reddy Express brands. In the past, Viva has complained about the impact of the rising illegal tobacco trade on its business, but says that's waning as authorities take action against suppliers. For the half, tobacco sales were down by almost 17 per cent year-on-year, but flat compared to the second half of 2025. The commercial and industrial business, which mainly sells bulk fuels and lubricants to the mining, aviation and other heavy fuel-using industries, lifted earnings by 28 per cent to $305.4 million. And the energy and infrastructure division, which anchors the Geelong refinery along with fuel import terminals, storage depots and pipelines, enjoyed an incredible jump of almost 2000 per cent to $353.7 million. That was due to the stronger refining margins on the back of the war. Shares in Viva, which will pay an interim dividend of 7.73 cents, fell 1.2 per cent to $2.82.

40 years in THE making, THE Boomerang returns. Remarkable warbirds and vintage aircraft head west as the four-week countdown begins to Wings on the Warrego. An Australian-built WWII fighter painstakingly restored over four decades will take centre stage in Charleville this September, as eight aircraft and their pilots head west for Wings on the Warrego, 12-13 September 2026. Leading the line-up is CAC Boomerang A46-54, VH-MHB, one of Australia's most significant surviving warbirds and an example of the only Australian-designed and built fighter aircraft to enter production during World War II. After last flying in 1945 and later being destined for scrap, the Boomerang has been brought back to life through an extraordinary restoration led by Queensland warbird restorer Greg Batts. Now the Boomerang is heading west with Greg Batts joining the aircraft in Charleville for Wings on the Warrego. And there could hardly be a more fitting destination. Charleville played a pioneering role in Australian commercial aviation, with Qantas commencing its first regular scheduled service carrying mail and passengers between Charleville and Cloncurry in 1922. Two decades later, Charleville Aerodrome became an important base for United States forces during World War II. This September, those historic skies will come alive again. Murweh Shire Mayor Cr Shaun Radnedge said the event would bring together an extraordinary collection of aircraft, pilots and aviation stories in a town that had helped shape Australian aviation. "Charleville hasn't simply watched Australia's aviation story from the sidelines, our town has been part of it for more than a century," Cr Radnedge said. "From the first scheduled Qantas services departing Charleville in 1922 to the vital role its aerodrome played during World War II, aviation is part of the fabric of this community. "Four weeks from now we'll be welcoming aircraft, pilots, aviation enthusiasts, and families from across Queensland and Australia. To see these remarkable aircraft in the skies above Charleville will be something very special." Bringing the Boomerang to Charleville has been made possible through the support of Viva Energy Australia, which has partnered with Wings on the Warrego for the historic appearance. Viva Energy Australia's General Manager Aviation, Nick Adams, said the company was proud to help bring such a significant piece of Australian aviation history to Outback Queensland. "The Boomerang represents an extraordinary chapter in Australian aviation, from the ingenuity behind its original Australian design and manufacture to the skill, determination and decades of work that have brought VH-MHB back to the skies. "Viva Energy Australia is proud to partner with Wings on the Warrego to bring the Boomerang to Charleville and give people the opportunity to see this remarkable aircraft up close and meet the people who have helped preserve its story for future generations." Working with aviation partners Brisbane Biplanes, Warbird Experience, War Planes and local provider South West Air, will bring aircraft to Charleville including: * CAC Boomerang VH-MHB * Boeing Stearman VH-SNM * Cessna 195 VH-ONF * Curtiss P-40E Kittyhawk VH-AK4 * North American SNJ-4 Texan * North American T-28D Trojans * MK26B Spitfire And it won't just be the aircraft making the journey west. Pilots from all three aviation partners will also attend, giving visitors the chance to meet the people who fly, restore, and maintain these remarkable machines. Visitors can get close to the aircraft on the tarmac, watch an aerial flyover and take to the skies themselves with joy flights across the weekend. Murweh Shire Tourism, Marketing & Events Manager Robyn Richen said the opportunity to experience aviation up close was central to the event. "There's something completely different about standing on the tarmac beside one of these aircraft and meeting the pilot who flies it," Ms Richen said. "But Wings on the Warrego isn't only looking backwards. From warbirds and Charleville's aviation heritage, the program moves into drones, STEM, flight simulation, and aviation careers. "A young person might arrive wanting to see a warbird and leave thinking about becoming a pilot, engineer or working in aviation technology." AVIATION PAST MEETS THE FUTURE The weekend begins on Friday 11 September with Welcome to Wings - The Pre-Flight at Hotel Corones, where visitors can start their Wings weekend at one of Charleville's most iconic landmarks, including the opportunity to join an exclusive history and stories tour. On Saturday 12 September, Charleville Airport becomes the centre of the action with warbird and aircraft displays, an aerial flyover, joy flights, Aviation Careers Expo, Royal Flying Doctor Service Flight Simulator, Classic Car Display, family entertainment, and food. The day will also mark the unveiling of the Qantas Heritage Trail Monument and Bilby Art Trail, connecting two more chapters of Charleville's story. On Sunday 13 September, aviation's future takes flight with the Code Camp Drone Flying Workshop, while the official National Bilby Day celebrations will take place at the Charleville Bilby Experience/Visitor Information Centre from 10am-2pm, with free entry for all. Tickets for the main Saturday event are $12, with children under five free. Cr Radnedge said the four-week countdown was now officially on. "Whether you can identify every aircraft by the sound of its engine or simply want to give the family an unforgettable outback weekend, we're inviting people to come to Charleville," he said. "Eight aircraft are heading west, some remarkable aviation people are coming with them, and we can't wait to welcome everyone to Wings on the Warrego." PROGRAM & TICKETS Wings on the Warrego is supported by the Queensland Government through Tourism and Events Queensland. CHARLEVILLE'S AVIATION HISTORY Charleville's connection with Australian aviation stretches back more than a century. In 1922, Qantas began its first regular scheduled service between Charleville and Cloncurry, carrying mail, freight and passengers and helping connect remote Queensland communities by air. During World War II, Charleville Aerodrome became a strategic base for United States forces, with some 3,500 U.S. Army Air Force personnel stationed in the outback town between 1942 and 1946. The airfield was significantly expanded, with remnants of its wartime role still visible today, including Hangar 104 and the small concrete security store associated with the top-secret Norden bombsight. This remarkable chapter is brought to life at the WWII Secret Base, an immersive, self-guided interactive experience revealing Charleville's secret wartime role and the story of the Norden bombsight. Today, Charleville Airport continues to support passenger and general aviation services and vital medical flights, continuing an aviation legacy more than 100 years in the making.