|By JCN Newswire||
|July 21, 2014 11:50 PM EDT||
Tokyo, July 22, 2014 - (JCN Newswire) - Mitsubishi Corporation (Mitsubishi) is pleased to announce it will establish a diesel import terminal at Port Bonython in South Australia. 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.
In January 2013, Petro Diamond Australia Pty Ltd, Mitsubishi's wholly owned subsidiary established in January 2012 as an Australian petroleum business entity, acquired Port Bonython Fuels Pty Ltd (PBF). PBF subsequently invited Coogee Chemicals Pty Ltd, which has a wealth of knowledge and proven success in the business in Australia, to participate as a shareholder and operating partner of the new PBF terminal. Through its involvement in the fuel supply, sales and distribution business, Mitsubishi will strengthen its petroleum trading functions and create greater synergies, while further expanding value chains throughout the business.
With a proven track record of long-term strategic investments in Australia, the company's largest investment destination, Mitsubishi remains committed to Australia. PBF will therefore leverage Mitsubishi's vast network and its expertise in the fuel procurement to provide customers with a competitive and reliable supply of the highest quality diesel products.
As a key piece of future energy supply infrastructure, the PBF terminal has been developed in close collaboration with and keenly supported by the South Australian Government. It's establishment in close proximity to the main sources of demand in northeastern South Australia will provide improved capacity for responding to the customer needs as well as the increased supply options in the domestic diesel market and overall enhance energy security in Australia, playing a role in creating significant employment for the local community in South Australia, especially during the construction phase.
The final design and construction phase of the terminal shall commence this quarter, with the commencement of commercial operation targeted around the 2nd quarter of 2016.
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Source: Mitsubishi Corporation
Mitsubishi Corporation Telephone:+81 3 3210 2171 Facsimile:+81 3 5252 7705
Copyright 2014 JCN Newswire. All rights reserved. www.japancorp.net
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