Fuel terminals at Bundaberg Port, Australia, could be operating by early next year, bringing hope of a drop in prices for the region.
Marstel Terminals bought eight bulk storage tanks at the port from Mobil Oil Australia in September last year and initially hoped to have them running by next month.
But the tanks, which can hold up to 30 million litres of petrol or diesel, had fallen into disrepair after lying empty for more than five years.
Marstel general manager Tim Gunning said work will begin on the Bundaberg tanks early in the new year.
While the tanks at Port of Bundaberg were bought in relatively good condition, there was no infrastructure in place to support the facility.
The company expects to spend between $5 million (3.4 million) and $10 million getting the facility operational.
The terminal will provide storage and handling capability for unleaded petrol, diesel and biofuels, with pipelines to the nearby bulk liquids berths that will be used to transfer incoming bulk fuels from ship to shore tanks.