Australian Prime Minister Anthony Albanese has announced plans for the nation's first new oil refinery since the 1960s, with the federal government committing $4 million towards a pre-feasibility study for the project. If it proceeds, it would become Australia's third operating oil refinery, joining Ampol's Lytton refinery near Brisbane and Viva Energy's Geelong refinery in Victoria. Camera Icon Supplied Credit: CarExpertIt would be the first new oil refinery since the Lytton refinery opened in 1965. Camera Icon Supplied Credit: CarExpertThe closure of Port Stanvac in South Australia in 2003 kicked off a series of refinery closures, with the report stating domestic refining capacity had become insufficient to meet Australia's fuel needs. The BP Kwinana refinery in Western Australia and the Mobil Altona refinery in Victoria both closed in 2021 and now operate as fuel import and storage terminals.