The final design and construction phase of the terminal will start this quarter, with commercial operations targeted to commence around the second quarter of 2016.
Mitsubishi says that the terminal will serve as a foundation 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.
Petro Diamond Australia, a Mitsubishi subsidiary, acquired Port Bonython Fuels (PBF) in January 2013. PBF then invited Coogee Chemicals to participate as a shareholder and operating partner of the new PBF terminal.
Mitsubishi says that the PBF terminal has been “keenly supported” by the South Australian government.