Viva Energy Targets June Restart for Geelong Refinery RCCU After April Fire

An update from Viva Energy Group Ltd. ( (AU:VEA) ) is now available.

Viva Energy has provided an operational update following the 15 April fire at its Geelong Refinery, confirming that work to secure and isolate the affected alkylation unit is progressing without major impediments. The company expects repairs that enable the restart of the Residue Catalytic Cracking Unit to take about six weeks, allowing the RCCU and related units to return to service in June.

While the RCCU remains offline, the refinery plans to continue producing diesel and jet fuel at around 80% of capacity and petrol at about 60%, and Viva Energy says existing fuel inventories are sufficient to maintain normal supply to customers. The company is still investigating the cause and full extent of damage from the incident and is engaging with insurers over property damage and business interruption, a process that will help clarify the financial impact for stakeholders once repairs are complete.

The most recent analyst rating on (AU:VEA) stock is a Buy with a A$2.70 price target. To see the full list of analyst forecasts on Viva Energy Group Ltd. stock, see the AU:VEA Stock Forecast page.

More about Viva Energy Group Ltd.

Viva Energy Group Ltd. is an Australian-listed convenience retailer, commercial fuels supplier and energy infrastructure operator with a history of more than 120 years. The company runs a national network of over 1,280 retail convenience and fuel outlets and supplies fuels and lubricants to nearly 1,550 service stations, supported by the Geelong Refinery and extensive terminals and aviation facilities across the country.

YTD Price Performance: 24.38%

Average Trading Volume: 9,155,742

Technical Sentiment Signal: Buy

Current Market Cap: A$4.1B

See more data about VEA stock on TipRanks’ Stock Analysis page.