Scott Wyatt

But it's been...

It was important to provide the confidence for us at the time to continue to run the refinery through that uncertain period of the pandemic and still be here today to support the country in a different challenge that we face, but still a significant one.

Look, it is, but when we had 10 refineries, we were pretty much self-sufficient at that time.

So there was enough refineries to meet all of the requirements of Australia.

And of course, you've got to remember at that time, we also had significant reserves of oil that those refineries were able to process.

And as a country, we were relatively self-sufficient.

Since that time, the amount of oil that's been produced has steadily fallen.

There's been an emergence of large-scale modern refineries being built in our region.

As I said before, not just refineries, but refinery complexes that are often 10 times the size of the refineries here in Australia.

They're using more modern technology.

They're more flexible.

They're more efficient, therefore more effective to run.

And that's been the challenge for our refineries here in Australia.

So that's been obviously the headwinds we've faced.

That's why refineries have progressively closed as well as the significant geopolitical challenges.

challenge we faced with the pandemic.

But we are where we are.

We have two refiners that are playing a really important role today.

Making 20% of Australia's requirements is not insignificant.

This is still material.