BP to shut Australian refinery

London - BP plans to end operation of a small Australian refinery by the middle of next year, causing the loss of 355 jobs, the British energy group said on Wednesday.

"BP announced today that it intends to halt refining operations at its 102 000 barrels per day (bpd) Bulwer Island refinery in Brisbane, Queensland by mid-2015," a statement said.

The decision comes as growth of very large refineries in the Asia-Pacific region drives structural change within Australia's fuels supply chain, said Andy Holmes, president of BP Australasia.

"It's against this background that we have concluded that the best option for strengthening BP's long-term supply position in the east coast retail and commercial fuels markets is to purchase product from other refineries," Holmes said.

"And while more of our transport fuel demand will be met by imports in future, ample supplies are available to maintain Australia's energy security," he added.