Global oil giant Shell maintains Australia is a great place to do business, despite putting its ageing Geelong refinery up for sale.
Shell announced it is selling its Geelong site, leaving at least 450 jobs in the balance.
But analysts say the company won't find a buyer due to stiff competition from Asia, meaning it will likely convert the 60-year-old plant into an import terminal.
Shell's vice-president of downstream business Andrew Smith said the company's announcement related only to the sale of the Geelong refinery and not other significant projects in Australia such as the Prelude and Browse gas projects.
"We see Australia as a great place to do business," Mr Smith told reporters.
"Shell has a rich funnel of investment opportunities and today's announcement reflects Shell's global strategy to concentrate refining investments in large sites and recognises that against the other opportunities, that Shell's Geelong refinery can't compete for capital."
Following any sale, Shell would continue to be a customer of the refinery.
"We plan to continue to be a reliable, high-quality supplier to our customers and to keep growing with them and keep servicing their needs," Mr Smith said.
The company would also commit to buying products from the refinery as part of the sale.
The development comes a day after West Australian Premier Colin Barnett said the $40 billion Browse gas project off WA could be delayed by between five to ten years if it does not come to a final investment decision by June.
In spite of joint venture partner Shell's preference for a floating liquefied natural gas (LNG) operation at Browse, Mr Barnett is continuing to press for onshore gas processing near Broome.
Shell is already proceeding with plans for a floating liquefaction vessel for its Prelude LNG project in WA's far north.
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