Tussle for Aussie Caltex

Flaming: Gas flaring up at the Woodside operated North West Shelf Venture on the Burrup Peninsula in Western Australia. The country has seen a shake-up in its fuel industry. – AFP

MELBOURNE: Electric vehicles have charged up investments around the world, but Australia is revelling in a slew of deals involving old-school petrol stations, with a bidding battle developing for one of its top fuel retailers, Caltex Australia.

A shake-up in the structure of the fuel industry over the past decade, sparked by refinery closures and oil major retreats, has produced deals worth US$33bil including offers for Caltex, according to Refinitiv data.