Industry News

NSW development to bolster national fuel security

Fuel supply company, Park Fuels, is planning to secure Australia’s long-term fuel supplies, with construction to begin on one of the country’s first strategic diesel storage facilities at Kooragang.

Park Fuels CEO, Brett Fletcher, joined Federal Minister for Industry, Energy and Emissions Reduction, Angus Taylor, to turn the first sod on the 30 megalitre storage tank at the company’s Walsh Point terminal.

“Today marks a significant milestone for Park Fuels and for the future security of Australia’s fuel supplies,” he said.

Fletcher said that by investing in diesel storage facilities, Park Fuels will be able to help safeguard domestic supplies.

“Diesel is the lifeblood of our heavy industries,” he said.

“It fuels our trucks, our mines and our farms, so by investing in strategic storage facilities like this one we are helping to safeguard domestic supplies during peak periods and emergencies, while also keeping costs down for consumers.”

According to Fletcher, the new tank will be built within the grounds of their state-of-the-art terminal at Port of Newcastle and will increase his team by 10 per cent.

“The new tank will increase our diesel storage capability at Kooragang from 54 megalitres to approximately 84 megalitres,” he said.

“We are proud to deliver a project that will not only double our workforce during the construction phase but will increase our existing team by 10% upon completion, ensuring Australian families and industries have continual access to the fuel they need, when they need it.”

The 30 million litre tank has also been funded by the Commonwealth Government’s $260 million Boosting Australia’s Diesel Storage program, which aims to build around 780 megalitres of diesel storage across the country.

Construction is expected to be completed mid-next year with the new strategic storage tank operational by late 2023.

In other news, the Australian competition watchdog is monitoring fuel prices following the Budget fuel excise cut.

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