Mitsubishi to Build Diesel Oil Import Terminal in Australia

Posted by George Backwell
Tuesday, July 22, 2014

Japanese trading house Mitsubishi Corp said it is entering Australia's diesel market by building a $103 million gas oil import terminal to tap growing demand and as a closure of several refineries has squeezed domestic supply of the fuel.

Mitsubishi's move comes as Australia is turning into a playground for global oil traders, who are snapping up storage tanks and terminals as they bet on it becoming Asia's top importer of oil products, with demand rising and old, inefficient refineries closing.

"The terminal will be the foundation for Mitsubishi to launch a diesel fuel import, sales and distribution business in Australia which it expects to show robust growth on the back of increasing demand in energy, resource, transport and industrial sectors," it said in a statement on Tuesday.

Comprising pipelines, three 170,000-barrel-tanks, and lorry gantries among others, the terminal will be constructed at Port Bonython in South Australia and is set to start operations in April-June 2016. This is the first time that a Japanese firm would own its oil terminal in the country, Mitsubishi said.

The terminal will have an annual diesel shipping capacity of 5.7 million barrels (900,000 kilolitres), a company spokeswoman said.

Diesel use in South Australia, the main demand centre, is projected to grow to 12.6-15.7 million barrels (2 million to 2.5 million kl) by around 2020, from 1.5 million kl in the year ended in June 2013, she added.

Mitsubishi will procure diesel from Asia including Japan, the Middle East and North America, she added.

(By Osamu Tsukimori)

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Delia Succeeds Schmidt as Ohmsett Program Manager

MAR Incorporated has named John Delia the Program manager for Ohmsett – The National Oil Spill Response Research & Renewable Energy Test Facility, succeeding Bill Schmidt who retired in December 2015.

SBM Offshore: US Authorities Reopen Corruption Probe

SBM Offshore, the world's top oil production ship leasing company, said on Wednesday that U.S. authorities had re-opened an inquiry into bribery allegations involving the Dutch company.

The Next Generation of Hull Performance Management

Hull performance monitoring solutions can offer significant fuel savings potential, a fact that is prompting growing interest from the maritime industry. To spur

Ports

USCG to Inspect Storm-damaged Anthem of the Seas

The storm-damaged Royal Caribbean cruise ship Anthem of the Seas is scheduled to return to New York Harbor Wednesday evening where it will be met by a team of inspectors from U.

Sydney Deep Water Port Project Named NOVAPORTE

The Harbor Port Development Partners (HPDP) and the Port of Sydney announce the new brand for Sydney’s new container terminal: NOVAPORTE and its adjacent logistics park NOVAZONE.

Royal Caribbean Ship Thrashed by Storm Returns on Wednesday

A Royal Caribbean cruise ship forced to turn back early after being battered by an Atlantic storm was expected to return to its New Jersey port at 9 p.m. on Wednesday (0200 GMT Thursday),

Energy

2016 a Busy Year for VLCC Deliveries - BIMCO

When it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, 2016 is off to a flying start. Six

U.S. Okays ConocoPhillips Alaska LNG Exports

The U.S. Department of Energy approved ConocoPhillips' application to export about 40 billion cubic feet of natural gas from its Kenai liquefied natural gas export

Gamesa, Siemens Negotiating Wind Merger Terms

German engineering group Siemens and Spanish renewable energy group Gamesa are in final negotiations on a deal to merge their wind power assets, two sources familiar

Fuels & Lubes

The Next Generation of Hull Performance Management

Hull performance monitoring solutions can offer significant fuel savings potential, a fact that is prompting growing interest from the maritime industry. To spur

GTT, DSME Partner for NO96 Max Development

GTT signs a cooperation agreement with Daewoo Shipbuilding & Marine Engineering aiming at the industrialization of its NO96 Max technology   GTT, a designer of

Wärtsilä Supporting Japan's 'Gas Age' Shipping

A total of 16 new gas carrier ships being built in Japan for Japanese owners are to be powered by Wärtsilä dual-fuel engines capable of running on liquefied natural

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0871 sec (11 req/sec)