BP said it will cease production at its Bulwer Island refinery in Brisbane, Australia, by 2015. The oil giant said the growth of large refineries in Asia created "structural change" that made smaller refineries like Bulwer unprofitable, according to BBC News.

The refinery, which was built in the 1960s, has the capacity to produce 102,000 barrels of fuel per day.

The closure is expected to lead to the loss of 350 jobs.

BP said it was considering turning the facility into an import terminal.

Australia's refining sector has been hit hard of late by increasing Asian competition and a stronger Australian dollar, which has hurt profitability.

Earlier this year, Royal Dutch Shell said it was exiting Australia's refining industry, and Caltex Australia said it would convert its Sydney refinery to an import terminal.