–Africa Finance Corporation has signed an agreement with Brahms Oil Refineries Ltd to co-develop a refining and storage terminal in the West African country. The agreement means that AFC will work on the development and subsequent financing of an oil depot and the associated refining project in Kamsar, Guinea. These include a 12,000 b/d modular refinery, a 76,000 crude oil depot, a 114,200 storage terminal for refined products and secondary transportation infrastructure. Currently, Guinea has no refineries and is entirely dependent on imports from neighbouring Côte d`Ivoire and Senegal because of its fuel requirements. 2.33 The CFMEU acknowledged that wages are a cost, but argued that „in capital-intensive enterprises, labour costs are a minority – often a small minority – of operating costs, so they are not the most important factor that determines what happens in refineries in Australia.“  The cost of labour in refining costs is discussed in Chapter 5 on employment issues. 2.73 The most pessimistic view was that this was the beginning of the end of Australian refining, and the most optimistic view was that there was a future for Australian refining, albeit under increasing competitive pressure. The Committee also notes the near-universal agreement that, in the face of global competition and the inability to achieve competitive economies of scale in Australia, new refineries are unlikely to be opened. After the closure, it is very unlikely that a refinery will be reopened, especially since the establishment of a refinery, port facilities and warehouses and distribution networks makes the conversion to import facilities a cost-effective option. – Algerian Energy Minister Mohamed Arkab announced in June 2020 in Algiers the launch of the Tiaret refining project in 2022. Arkab said the energy sector planned to complete three new refineries in Hassi Messaoud, Biskra and Tiaret, each with a capacity of 5 million tonnes, with the completion of technical, architectural and rural development studies by the end of 2017. According to the Minister, these refineries will be carried out as part of the government`s plan for the period 2021-2024.