BP Australasia has announced it is closing its Bulwer Island refinery at Brisbane.
The refinery that produces 96,850 bpd will close by mid-2015 eliminating more than 350 jobs.
The company is currently exploring the option of turning the refinery into a fuel import terminal.
President of BP Australasia Andrew Holmes said the decision was made as the Bulwer Island refinery can no longer compete with the growing number of ultralarge refineries in Asia.
BP has invested heavily in the Bulwer island plant over the last decade to try and maintain its viability.
The Bulwer Island closure announcement comes just one month after Shell Australia’s February announcement of the sale of its Geelong refinery in Victoria and its network of 870 domestic retail outlets to Vitol for $2.9 billion.
The Bulwer Island refinery was built by Amoco in 1965. BP has operated the facility since 1984.