Fuels supplier Viva Energy is targeting nearly a 150 per cent jump in earnings from its convenience and fuels retailing business in five years, after paving the way for a huge expansion in convenience retailing that will also make it one of the country’s biggest employers.awaiting competition approval, is already set to grow the group’s share of earnings from non-fuel products to about 36 per cent, from 15 per cent.
Up to $150 million of the increase is related to the $1.15 billion On The Run acquisition, which was expected to close this year but is now more likely to settle in the June half of 2024. Viva has offered to sell 23 retail sites in South Australia, where On The Run is based, to secure the competition watchdog’s approval.
Meanwhile, Viva is continuing to advance plans to transition its Geelong oil refinery site to a lower-carbon energy hub, although plans for an LNG import terminal are facing delays in approvals.Mr Wyatt said Viva still regarded the LNG import terminal as “very needed” to help fill the gas shortfall looming in Victoria.