The Port of Newcastle and the Newcastle and Hunter communities are the main winners from the Federal Government’s announcement of a $260 million package to boost long term fuel security across the country.
Port of Newcastle’s CEO Craig Carmody said the Port welcomed the announcement and was thrilled to be able to expand Australia’s diesel storage capacity and support its long-term fuel security.
“The Hunter region received the largest allocation of the grant pool, with two grants awarded to Stotlhaven and Park Fuels, which will support investment in the expansion of the Port of Newcastle’s dedicated bulk liquids facilities, create 130 local jobs during construction and help keep fuel prices low for consumers,” Craig said.
“This announcement is a vote of confidence in the fuel storage capability of the region and recognises the important role the Port of Newcastle plays in supporting the economic performance of NSW and Australia.”
The Port of Newcastle CEO said the Federal investment is further proof in the value Port of Newcastle’s resources offer in keeping Australia’s economy running.
“The package will enable critical infrastructure investment at the Port of Newcastle to support the expansion of diesel, petrol and aviation jet fuel reserves at the Port’s dedicated bulk-liquids facilities operated by Stolthaven and Park Fuels.”
It will see tankage capacity across the Port’s three bulk fuel terminals grow from 266 Megalitres to 624 Megalitres at the completion of the construction phase.
“The awarding of these funding packages to these Port of Newcastle based companies is another critical step forward in diversifying trade to create a safe, sustainable and environmentally and socially responsible port for generations to come,” Craig said.
The grants will cover up to 50 per cent of total eligible project expenditure with projects expected to commence construction from mid-2021 and be completed within three years.
Port of Newcastle has three bulk liquid import terminals, Stolthaven, Park Fuels and ATOM (Australian Terminals Operations Management).
Stolthaven and ATOM operate dedicated bulk-fuels terminals at Mayfield 7 and Dyke 1 berths respectively, whilst Park Fuels operates from Port of Newcastle’s Bulk Precinct at Walsh Point.
“The awarding of these funding packages to these Port of Newcastle based companies is another critical step forward in diversifying trade to create a safe, sustainable and environmentally and socially responsible port for generations to come,” Craig said.
The Boosting Australia’s Diesel Storage program is a key part of the Government’s comprehensive fuel security package, announced in the 2020-21 Budget, to secure Australia’s long-term fuel supply by increasing onshore stockholdings and our sovereign refining capability that meets our needs during an emergency and into the future.
