Coogee Chemicals has partnered with Mitsubishi Corporation to establish a new fuel terminal in South Australia.
Mr Martin said the announcement by Mitsubishi to enter the fuel import and distribution business in Australia added to the rapid changes to fuel terminalling and storage operations across the country over the past few years, and especially in 2014.
“Over the last three years, Coogee Chemicals alone has invested over $60 million into its terminals business in Australia,” he said.
“We have expanded our business in Western Australia, principally in Kwinana, and now have terminals in Kwinana, Port Hedland, Gladstone and Townsville.”
Mr Martin said the industry was changing dramatically as traditional oil companies had moved out of downstream oil refining in Australia, and in some cases retailing and distribution.
“These supply chains are being replaced by global trading companies, and as such we are seeing terminal storage needs increasing which provides opportunity for independent terminal operators such as Coogee Chemicals to further invest to meet this demand,” he said.
Coogee Chemicals will be the operator of the Port Bonython Fuels terminal.
“This model where the major investor provides finance and business direction while its local partner provides the operational expertise, serves both parties very well,” Mr Martin said.