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BP to cease production at Australian Bulwer Island refinery in May

A BP logo is seen at a petrol station in London January 15, 2015. REUTERS/Luke MacGregor/Files

SINGAPORE (Reuters) - BP will cease production at its 102,000 barrels per day Bulwer Island refinery in Brisbane in May, a spokeswoman said on Thursday. The company previously announced the closure of the refinery by mid-2015 as it restructures its struggling refining and marketing business in Australia. Australia's refineries, owned by BP, Royal Dutch Shell , ExxonMobil and Caltex , are facing strong competition in Asia and high costs. U.S. energy giant Chevron sold its entire stake in Australia's Caltex last month as falling oil prices and high costs hurt margins. (Reporting by Jessica Jaganathan; Editing by Richard Pullin)