The Federal Government has announced a $260 million diesel storage investment to boost Australia’s fuel reserves and support fuel security – with the Port of Newcastle playing a key role in fuel storage.
The investment is part of the Boosting Australia’s Diesel Storage program and is a key part of the Government’s comprehensive fuel security package – announced in the 2020-21 Budget, promoting job growth and fuel security.
Port of Newcastle CEO, Craig Carmody said, “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 $260 million package to boost long-term fuel security across the country.”
Mr Carmody said the port was thrilled to be in a position to strengthen Australia’s fuel security, through investing in the expansion of diesel, petrol and aviation jet fuel reserves at the dedicated bulk-liquids facilities operated by Stolthaven and Park Fuels.
“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 ML to 624 ML at the completion of the construction phase,” Mr Carmody said
Port of Newcastle currently handles 4,400 ship movements and 164 million tonnes of cargo annually, including dry bulk, bulk liquids, ro ro, general and project cargoes and containers.
It boasts a deepwater shipping channel operating at 50 per cent of its capacity, significant port land available and enviable access to national rail and road infrastructure – ideally positioned to further underpin the future prosperity of the Hunter, NSW and Australia.
Mr Carmody said, “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.
“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.”
Mr Carmody said that the Port of Newcastle received the largest allocation of grants from the Federal Government – a clear vote of confidence in the region and the Port of Newcastle’s capability.
The grants will cover up to 50 per cent of total eligible project expenditure and the projects are expected to commence construction from mid-2021 and be completed within three years.
Mr Carmody said, “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.
“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.”