The Federal Government of Australia has announced a AU$260 million investment to expand the company’s diesel storage capacity as part of its commitment to boost long-term fuel security, create jobs and keep prices low.
With two applications supported by Port of Newcastle to benefit from the Federal package, the announcement represents a significant vote of confidence in the Port of Newcastle and the importance it plays in Australia’s economic strength.
The CEO of Port of Newcastle, Craig Carmody, shared his thoughts and reactions to the announcement: Port of Newcastle is thrilled it will play a vital role in boosting Australia’s fuel reserves following the Federal Government’s announcement of a AU$260 million package to boost long-term fuel security across the country.
Port of Newcastle welcomes the Federal Government’s funding investment in the fuel storage capability of the region, the creation of jobs in Newcastle, the strengthening of Australia’s fuel security and the increase of fuel trade through the Port of Newcastle.
The Federal Government announcement will support critical infrastructure investment at the Port and see current tankage capacity across the Port’s three bulk fuel terminals grow from 266 Megalitres to 624 Megalitres at the completion of the construction phase.
Today’s announcement is further proof in the value Port of Newcastle’s resources offer in keeping Australia’s economy running.
The awarding of grants to two projects in the Hunter is recognition of the importance the Hunter, and the Port of Newcastle, plays in supporting NSW and Australia’s economic strength and performance. The Port of Newcastle is thrilled to be in a position to strengthen Australia’s fuel security by investing in the expansion of diesel, petrol and aviation jet fuel reserves at our dedicated bulk-liquids facilities operated by Stolthaven and Park Fuels.
Port of Newcastle received the largest allocation of these grants from the Federal Government – a clear vote of confidence in our region and the Port of Newcastle’s capability and ability to diversify. Through these grants, Port of Newcastle will play a significant part in increasing the volume of diesel stock we can keep onshore, create 130 local jobs during the construction phase and help keep fuel prices low for consumers.
The awarding of these funding packages to these Port of Newcastle based companies is another critical step forward in diversifying trade to create a safe, sustainable and environmentally and socially responsible port for generations to come.
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/16072021/newcastle-to-play-critical-role-in-boosting-australias-fuel-security/