Fears of an oversupplied light sweet Asia-Pacific crude market have been allayed after two Australian refiners decided to keep their plants open.Initial plans by Viva Energy and Ampol to close their respective 120,000 b/d Geelong,Victoria,and 109,000 b/d Lytton,Queensland,refineries would have forced regional crude sellers to seek alternative buyers.The plants together process around 100,000 b/d of light sweet crude from Malaysia,Brunei and domestic fields.But Ampol and Viva opted to keep the plants open after Canberra pledged funding,providing an outlet for these supplies.The Australian parliament passed fuel security legislation on 23 June that will provide around $1.8bn in funding to keep the two plants operational for at least the next six years.
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