The newly converted Kurnell terminal in Sydney supplies fuel to retail sites and commercial customers across NSW and the ACT, according to a Caltex release at its annual general meeting.
The total cost of the terminal conversion was around $270 million, with close to $50 million remaining to be spent in 2015. This includes additional upgrades to the wharf and the final tank conversions. Further site works, including demolition of redundant plant and remediation, will be carried out over a number of years.
Addressing the AGM, CEO Julian Segal noted: “With the closure of the Kurnell refinery and the establishment of Ampol Singapore to source our crude and refined product, our business model has changed, which will have implications on how we report our results going forward. We have evolved to be an integrated transport fuel supply chain business, optimising the entire value chain from product sourcing to the customer.
“Ampol Singapore is now the largest source of refined product to supply our customers, allowing us to capture opportunities as we optimise the integrated value chain.”