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 Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Transpacific Container Shippers Plan Price Rise

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.

DP World: Shareholders Back EZW buy, London Delisting

Shareholders of DP World have approved buying Economic Zones World from its majority shareholder and also backed the port operator's delisting from the London Stock Exchange,

Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse.

Ports

DP World: Shareholders Back EZW buy, London Delisting

Shareholders of DP World have approved buying Economic Zones World from its majority shareholder and also backed the port operator's delisting from the London Stock Exchange,

Boxco Moves Longest Column through Mumbai Port

Boxco Logistics has set the bar high yet again, by moving the LONGEST COLUMN EVER that was transported in and out of Mumbai Port. It all started in the industrial

BMT Completes Hong Kong Port Study

BMT Asia Pacific, a subsidiary of BMT Group Ltd, is pleased to announce the completion of The Strategic Development Plan for Hong Kong Port 2030 (HKP2030) on behalf of the Hong Kong Government.

Energy

Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse.

Shell Resuming Nigeria EA Oil Production

Royal Dutch Shell said on Thursday it had resumed production of Nigerian EA crude oil and lifted its force majeure on the grade after completing repairs to a mooring platform.

EU Bans Crimea Investment, Targets Oil, Cruise Sectors

Measures take effect on Saturday; aim is to keep pressure on Russia over Ukraine. The European Union banned investment in Crimea on Thursday, halting European

Fuels & Lubes

EU Bans Crimea Investment, Targets Oil, Cruise Sectors

Measures take effect on Saturday; aim is to keep pressure on Russia over Ukraine. The European Union banned investment in Crimea on Thursday, halting European

INTERTANKO Launches ECA Bunker Surcharge Clauses

INTERTANKO’s documentary committee has launched bunker surcharge clauses for Emission Control Areas (ECA).   Rising bunker prices due to rising oil prices and

WCI Applauds Barge Diesel Fuel User Fee Increase

Waterways Council, Inc. (WCI) and its members and stakeholders applauded the Senate’s passage, by a vote of 76 to16, of a 9-cent increase to the barge diesel fuel user fee.

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3749 sec (3 req/sec)