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 May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DP World Extends Title Sponsorship Until 2020

Dubai is set to remain at the epicenter of golf on The European Tour for the foreseeable future after global port operator DP World announced today that it will

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

HMAS Anzac Visits Portsmouth, UK

The Royal Australian Navy’s helicopter frigate HMAS Anzac has arrived in Portsmouth, England, as part of her NORTHERN TRIDENT 2015 deployment.   Anzac departed Sydney in March 2015,

Ports

European Ports Identify Their Priorities

European ports are real “multitaskers”: they combine different functions ranging from gateway to the world, nodes in the transport chain, hotspots for Europe’s industrial activity,

Iran Aid Ship Reaches Djibouti Waters, Waits to Enter Port

An Iranian aid ship has reached the outskirts of Djibouti's port and is waiting for a permit to enter after Tehran agreed to an international inspection of the vessel with goods for Yemen,

Asia Dry Bulk-Capesize Rates Mixed on Uncertainty

Capesize rates slide after hitting 5-month high. Rates for capesize bulk carriers eased this week after hitting their highest since December, and could come

Energy

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

Two Hurt in Petrobras Platform Accident; Output Halted

Brazil's state-led oil company Petrobras was forced to stop output at its P-56 offshore oil production ship on Wednesday in the Marlim Sul field after an explosion

Dynamic Positioning Training Center Launched in Shanghai

C-MAR, an international marine and offshore services provider, and the Shanghai Maritime University (SMU) has officially launched the Dynamic Positioning training

Fuels & Lubes

British Columbia Signs LNG Deal with Petronas

B.C. Premier Christy Clark has announced an agreement in principle with Pacific NorthWest LNG, owned in majority by Malaysia's Petronas, for a liquefied natural

BP, Sinopec JV for Marine Fuel

British oil major BP and China’s Sinopec Fuel Oil have formed a marine fuels bunkering joint venture (JV), BP Sinopec Marine Fuels Pte Ltd.   Under the deal,

US to Export LNG to China

Buyers from China are looking at long term liquefied natural gas (LNG) supplies from US firm Cheniere Energy, news agency Reuters quoted a company official as saying.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.1928 sec (5 req/sec)