Saunders International Limited (ASX:SND) has been awarded a AU$42 million contract by bp for tank refurbishment and modification services at the Kwinana energy hub in Perth, Western Australia. The contract is part of bp's Kwinana Renewable Fuels project and involves repurposing 25 tanks at the energy hub for feedstock or biofuels storage. The project aims to utilize existing infrastructure at the Kwinana site to produce lower carbon fuel products that can support the decarbonization efforts in aviation and heavy industry.
Mark Benson, Saunders' Managing Director & CEO, expressed his satisfaction with the contract, highlighting the company's strong relationship with bp. He also noted that this contract is a first for both bp globally and Australia. The project is subject to regulatory and state government approvals and is expected to commence in July 2023. It will contribute to Saunders' revenue and earnings from fiscal year 2024 to 2026.
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