The Australian Government is investing up to $260 million to expand Australia's diesel storage capacity as part of its commitment to boost long-term fuel security, create jobs and keep prices low.
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Federal Member for Lyne, David Gillespie said through the Boosting Australia's Diesel Storage program, the government is backing 10 projects across Australia that will support around 1000 new jobs and a 40 per cent increase in Australia's diesel stockholdings.
This includes two projects in the Port of Newcastle with Stolthaven increasing capacity by 126 megalitres and Park Fuels constructing an additional 30 megalitres. These projects are expected to create around 130 jobs during construction.
Along with the additional diesel storage, these projects will also deliver 202 megalitres of additional petrol and jet fuel storage funded by the private sector.
Dr Gillespie said the grants will increase the volume of diesel stock we can keep onshore, create jobs and help keep fuel prices low for consumers.
"Diesel is vital to Australia's energy security as it keeps our economy running. It underpins our critical, infrastructure, trucking sector and key industries, such as mining and agriculture," he said.
"Through these grants, along with our support to keep Australia's refineries operating until at least mid-2027, the Government is making sure Australian families and industry can access the fuel they need, when they need it."
"This investment will ensure that local truckies, tradies, farmers and commuters have access to the reliable fuel they need."
"It also helps secure the sovereign fuel stocks we need for any event and complements the government's support for Australia's refineries."
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.
These grants will cover up to 50 per cent of total eligible project expenditure. Projects are expected to commence construction from mid-2021 and be completed within three years.
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