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Share Price Information for BP (BP.)

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Share Price: 471.00
Bid: 470.40
Ask: 470.60
Change: 0.50 (0.11%)
Spread: 0.20 (0.043%)
Open: 468.40
High: 473.15
Low: 467.30
Prev. Close: 470.50
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BP ceases production at Australian Bulwer Island refinery

Wed, 03rd Jun 2015 08:04

SINGAPORE, June 3 (Reuters) - BP has ceasedproduction at its 102,000 barrels-per-day (bpd) Bulwer Islandrefinery in Brisbane and is preparing to convert the site into ajet fuel import terminal, a company spokeswoman told Reuters onWednesday.

The refinery shut its major units throughout May and has nowcompletely ceased production, the spokeswoman added.

"The import jetty, aviation fuel tanks and associatedpipelines remain operational to allow the site to transition toa jet fuel import terminal," the spokeswoman said.

The company announced the closure of the refinery in Aprillast year, as it restructures its struggling refining andmarketing business in Australia.

BP and Caltex signed an agreement under which Caltex willsupply all of BP's requirements for diesel and gasoline in SouthQueensland. BP will import jet fuel from Asian refineries, thecompany has previously said.

Many of Australia's ageing refineries have shut or beenconverted into fuel terminals as they chalked up losses amidcompetition from newer mega-processing sites in Asia.

BP's refinery closure is expected to boost the country's oilproduct import growth in 2015 to its fastest pace in at leastseven years.

(Reporting by Jessica Jaganathan; Editing by Joseph Radford)

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