UK supermajor BP plc ( BP ) intends to terminate operations at its Bulwer Island refinery in Brisbane, Australia by mid 2015. The main reason behind this structural change within the fuels supplies chain in Australia is increasing competition from new mega-refineries in Asia that are cheaper to control. A higher local dollar, strict fuel quality standards as well as the introduction of super-sized refineries in Asia has rendered several oil majors – Royal Dutch Shell plc ( RDS.A ), ExxonMobil Corp. ( XOM ) and Caltex Australia Ltd. –with refineries in Australia uncompetitive. As a result, these have booked losses over several years rather than spend money on upgrading them. BP along with other majors has been on a lookout to either sell or turn these refineries into fuel import depots. The Bulwer Island refinery, which dates back to the 1960s has a capacity of 102,000 barrels of fuel per day.