Australian Prime Minister Anthony Albanese has announced plans for a new oil refinery in Karratha, Western Australia, which would be the country's first since the 1960s. The move is aimed at bolstering Australia's fuel security by reducing its reliance on imported refined petroleum, a long-standing vulnerability given the closure of most domestic refineries over recent decades.

The initial commitment involves A$4million in government funding for early-stage planning and feasibility work in the Pilbara region. The project forms part of a broader push by the Albanese government to strengthen sovereign fuel capability, though a fully operational refinery would require substantially greater investment and years of development before production could begin.