Viva Energy Australia has announced the completion of its acquisition of a non-controlling stake in Liberty Oil as part of a wider program aimed at building demand and improving the outlook for Geelong Refinery.
“Liberty is one of our largest customers and this investment means we can further supply regional Victorians with locally made fuel from Geelong Refinery. Selling more fuel produced at Geelong that’s then distributed throughout Victoria is good for the refinery and important to build a sustainable manufacturing business,” said Scott Wyatt, Viva Energy Chief Executive Officer.
“This time last year the refinery’s future was uncertain and Viva Energy is now working towards creating a successful, profitable business that benefits more than 1000 employees and contractors in Victoria, the Geelong community and the Victorian economy. We want to grow our business and the Liberty acquisition is a good example of this. The purchase is in addition to the expected AUD 1B investment during the next five years to improve our refining business, expand our supply capability and develop our customer offering.”
Liberty Founding Partners, David Wieland and David Goldberger, said that the acquisition would see Viva Energy representatives join the Liberty board without changing the company’s management structure.
“Liberty has ambitious plans to accelerate national growth and we are very happy to welcome Viva Energy as a shareholder, particularly as the company is renowned for safe, reliable and cost effective fuel supply,” David Goldberger said.
“We are also pleased to announce that two Viva Energy representatives will join the Liberty board – Daniel Ridgway, General Manager Supply and Distribution and Gary Brown, Financial Controller – who will be involved in this expansion program. While the Viva Energy acquisition is an exciting development for Liberty, the day-to-day operation and management of the business will not change and David Wieland and I will remain at the helm continuing the culture and practices that have led to Liberty’s success.”