Caltex Australia Limited (ASX:CTX) has announced it will close its Kurnell Refinery in New South Wales due to its major losses.
Caltex CEO Julian Segal says the company anticipates the close will take approximately two years and remove over three quarters of its staff to under 100 workers.
The existing facilities will be converted into a major transport fuel import facility.
In the 2011 financial year Caltex reported a net loss of $713 million.
