The Vic Emergency website confirmed the blaze broke out just after midnight and was out-of-control, News.Az reports, citing foreign media.
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The Viva Energy-run facility is one of only two working oil refineries in Australia.
Corio has been processing oil for seven decades and it employs more than 1,100 workers.
It supplies 50 per cent of Victoria’s fuel and 10 per cent of Australia’s, putting out 120,000 barrels of oil a day.
The refinery also makes hydrocarbon solvents, marine fuel oil, low aromatic fuel, avgas, bitumen and high-quality plastic feedstock used to create food packaging, medical equipment and polymer banknotes.
