Climate warning on future of Altona's Mobil refinery

OIL giant Mobil could be forced to close its Altona refinery when the Rudd Government introduces a carbon emissions trading scheme.

The closure of the refinery, which supplies half of Victoria's fuel needs, would cut competition and could push up petrol prices.

Company executives believe the refinery, which employs 350 people, could become unviable because of competition from overseas facilities that do not have to pay to emit greenhouse gases.