Mr Wyatt said the plants closure could have caused the loss of more than 700 direct jobs as well as the loss of the last major manufacturing operation in Geelong, and a significant contributor to the Victorian economy.
Todays announcement by the federal government provides important and welcome structural support, he said.
Union officials for Vivas Geelong workforce said there was a sense of relief going through the refinery today.
To give credit where its due, the federal government have come up with an announcement that guarantees refining will remain active in Australia for at least the next six to 10 years, said Ben Davis, Victorian secretary of the Australian Workers Union.
We are really happy with the outcome.
Investors, too, welcomed the federal support package, sending Ampols and Vivas shares up more than 9 per cent on Monday morning.
The government support package reduces the risk of underperformance at the Lytton refinery, whilst still allowing for all the upside should there be an improvement in refining margins, said Ian Chitterer, vice-president at Moodys Investors Service.
In the hope of retaining local refining wherever commercially possible, Federal Energy Minister Angus Taylor has been in talks with Ampol and Viva over the rescue package including a 1.8¢-a-litre payment for locally made fuel. Taxpayers will also fund a $50.7 million investment for the implementation and monitoring of the minimum stockholding obligation of 24 days to act as a safety net for petrol and jet fuel stocks while diesel stocks will be increased by eight days, to around 28 days of supply.
Following several months of negotiations, Prime Minister Scott Morrison is expected to formally announce the $2.3 billion support package on Monday.
