Caltex is investigating alternative energy sources in response to a decline in the need and demand for petrol the Sydney Morning Herald reported.
At Caltex’s annual general meeting, chairman Steven Gregg said: “We will look to transform to other forms of energy and other forms of business”.
“There is no question electric vehicles are coming, the only question is of how long they will take,” Mr Gregg said.
Demand for petrol will decrease over time, as electric and self-driving cars dominate the industry.
“It’s not about a quick fix, its front and centre of mind for the board,” Mr Gregg said.
Caltex visited American eclectic car and charging station manufacturers in 2017 and is currently in talks to add charging stations to service stations.
Following a trip to South Korea in 2016, Hyundai manager of future mobility and government relations Scott Nargar said it was apparent that more thought needed to be taken regarding “fuels of the future”.
“We got to drive the previous generation fuel cell cars and drive electric vehicles and autonomous vehicles and we said ‘what’s the future of an oil company site in Australia if the industry isn’t planning right now for the transport fuels of the future. Our customers of the future won’t come in looking for petrol to put in the vehicle, they’re going to want electricity or they’re going to want hydrogen. If you want to keep selling milk, bread and chocolates you need to start thinking about selling the fuels of the future across the forecourt’,” Mr Nargar said.
Analysts at Morgan Stanley said electric vehicles “have the potential to completely disrupt Caltex’s business over the long term”.