Saunders International Limited (ASX:SND) has secured a AU$44 million contract from Quantem to expand diesel storage capacity at the Pelican Point terminal in Adelaide, South Australia. The project, supported by the Australian Government's Boosting Australia's Diesel Storage Program, aims to more than double the current diesel storage capacity, ensuring fuel security and meeting minimum stockholding obligations introduced under the Fuel Security Act (2021).
The expansion will involve constructing three 30,000 cubic meter diesel storage tanks with associated interconnecting piping. This initiative is crucial for Australia's energy security as diesel plays a pivotal role in critical infrastructure, transport, industries, and emergency response. Construction is scheduled to begin in Q4 2023, with the site expected to be commissioned by Q2 2025. The project will contribute to Saunders' revenue and earnings in FY24 and FY25.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
