The Queensland Government has fast-tracked a lease extension to expand fuel storage at the Bulwer Island facility, paving the way for additional fuel storage capacity at the Port of Brisbane.
The extension for bp is expected to unlock an investment of up to $100 million to refurbish five idle storage tanks, adding 54 million litres of diesel, gasoline and aviation fuel storage capacity.
Under the agreement, bp will also have the option to refurbish a further five storage tanks, potentially creating an additional 49 million litres of storage capacity or enabling the construction of new storage facilities.
Queensland Premier, David Crisafulli, said the project formed part of the Government’s fuel security strategy.
“We are restoring our ability to drill, refine and store, to ensure we are never again at the mercy of foreign conflicts,” Crisafulli said.
“We made a commitment to Queenslanders we would pull every lever to take back control of our destiny and a key part of that is ensuring investment confidence in Queensland.”
Crisafulli said the Government would continue pursuing short, medium and long-term fuel security measures.
Queensland Minister for Natural Resources and Mines, Dale Last, said the lease extension provided certainty for investment at the site.
“Well before this crisis began, we met with bp to secure a long-term plan for the future of the Bulwer Island facility,” Last said.
“We recognised the importance of the project and as a result were able to fast-track bp’s lease extension, providing the company with the certainty to invest.”
Last said the Government was also progressing exploration and infrastructure initiatives linked to Queensland’s fuel and energy supply.
Country President of bp Australia, Paul Augé, said the lease extension would support increased fuel storage capacity for the state.
“The lease extension announced today gives bp the certainty and confidence we need to unlock investment and progress our plans to increase fuel storage for Queensland businesses, tourism and vital industries by twenty per cent,” Augé said.
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