Mobil Refining Australia Pty Ltd. a subsidiary of ExxonMobil Australia Pty Ltd and Exxon Mobil Corp., announced June 15 that it will expand crude storage capacity at its Altona refinery.

The company plans to construct a new tank in an existing crude oil storage area at the refinery site in order to improve the efficiency of the its local refining and supply operations and to help meet increasing demand for transportation fuels in Australia. Construction will start mid-2018 and is expected to finish in 2020.

Riccardo Cavallo, Mobil's manager of refining for Australia and New Zealand, said that Exxon has invested more than $400 million at the Altona refinery and Yarraville terminal during the past five years and that the move complements other recent investments made by the company.