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BP to cease production at Australian Bulwer Island refinery in May

Reuters - UK Focus

SINGAPORE, April 2 (Reuters) - BP will cease production at its 102,000 barrels per day Bulwer Island refinery in Brisbane in May, a spokeswoman said on Thursday.

The company previously announced the closure of the refinery by mid-2015 as it restructures its struggling refining and marketing business in Australia.

Australia's refineries, owned by BP, Royal Dutch Shell (Xetra: R6C1.DE - news) , ExxonMobil and Caltex, are facing strong competition in Asia and high costs.

U.S. energy giant Chevron (Swiss: CVX.SW - news) sold its entire stake in Australia's Caltex last month as falling oil prices and high costs hurt margins. (Reporting by Jessica Jaganathan; Editing by Richard Pullin)