Caltex Australia’s 58-year-old Sydney oil refinery at Kurnell is now officially closed with the last of its operations shut down.

The site is now being run by Caltex as a fuel import terminal.

The $270 million two-year process to convert the refinery cost more than 300 jobs.

The refinery produced 135,000 barrels a day at its peak.

However, the company decided to shut the refining plant in July 2012, blaming competition from more modern, larger and efficient refineries in the Asian region.

Now, the site will be used to import, store and distribute fuel, where previously crude oil was imported and processed to make fuel products including jet fuel that was pumped directly to Sydney airport.

The new site will employ about 45 people, compared to 430 when the conversion was announced.

The number of refineries in Australia has been steadily reducing, with BP to close its Brisbane refinery in 2015.

The nation would then supply barely a third of its own fuel raising concerns about energy security.

Caltex hopes to sell the plant’s processing units, which could be used in the refining or petrochemical industries.

The company, which is half-owned by US oil giant Chevron, makes the bulk of its earnings as a fuel supplier and operator of petrol stations.