Business Insider article Business News, Industry Australia, Chevron Australia, International Business Machines, Chevron, Chevron Group, Chevron Capital, Chevron Power, Chevron SA, Chevron Technologies, Chevron Canada, Chevron World Resources, Chevron UK, Chevron U.S., Chevron Australia source Business News article Business news article Chevron Oil & Gas is investing $50 billion in Australia, setting the stage for a new facility and the development of its largest new refinery in the country.
The $50 Billion Chevron Australia is the largest single project to be built in Australia by a major Australian company since the 1980s, according to a release from Chevron.
The investment will allow Chevron to move to a new refinery site, the largest in the world, and will enable it to boost its existing operations in the area, including the construction of its first new refinery.
The new refinery, dubbed the Cascadia Hub, will be the second in the region to be constructed in Australia after a refinery in Queensland.
The first was the former refinery site at Cairns, north of Cairn.
The Cascades Hub is expected to be fully operational by 2023.
Chevron will build the new refinery at the former Cairnes refinery site and operate the site through 2023, according the release.
The project is being funded by Chevron’s $1.3 trillion investment fund, Chevron Ventures, which also has investment funds in a number of other oil and gas companies.
Chevron announced the investment in the wake of the global financial crisis in 2014.
The company says it expects to employ 3,000 people in the Crescadia Hub over the next four years, and to create up to 10,000 new jobs in the industry.
It also expects to increase the number of domestic and export refining jobs by 100 per cent over the same period.
The refinery will be located in the town of Crescia in Western Australia’s north, with Chevron said to have been granted a contract to construct a new port facility.
The facility will be able to supply oil from a refinery at Crescillia for export to Europe, Asia, the United States and Mexico.
Chevrons decision to invest in Australia comes as a major oil spill in the state has sent environmental experts and locals on edge.
The state’s Environment Minister, Tim Pallas, has told reporters that a spill could affect the entire state, and warned that the government is doing everything possible to prevent a spill.
The Environment Department is working closely with Chevron to monitor and prevent any spill, Mr Pallas said.
Chenglish’s Crescan hub is expected take three to four years to construct.
The release says the refinery will provide around 2,000 jobs at the site, with a further 4,000 workers expected to move in over the course of the next five years.
The new facility will produce around 5.5 million barrels of oil per day, or around 2.8 million barrels per day.