Viva (ASX:VEA) warns of refinery shutdown due to extreme pressures - Sequoia Direct Pty Ltd

07SepSeptember 7, 2020

Viva (ASX:VEA) warns of refinery shutdown due to extreme pressures

Viva Energy (ASX:VEA) has warned it could completely shutdown at its Geelong refinery.

The company says the impacts of COVID-19 and the restrictions on mobility and the economy are putting extreme pressures on the Refining business that it has not experienced before and are not sustainable over the longer term.

Viva Energy says if the restrictions are relaxed as foreshadowed and fuel demand sufficiently recovers, then it is possible that the refinery could return to full production in November 2020 as planned.
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Viva says despite on-going restrictions in Victoria, the Retail business continues to show resilience, and it is encouraged by the sales recovery in the other States and Territories.

Shares in Viva (ASX:VEA) are trading 3.91 per cent lower at $1.54.
Copyright 2020 – Finance News Network

Source: Finance News Network

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