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Caltex Australia has issued profit warning for first half of 2008 in
the same week that its Bankmeadow fuel distribution terminal work was
completed.
Caltex Australia issued a statement to the stock exchange last week
warning that the petroleum company's first-half profit could fall by up
to 40 per cent due to reduced production as a result of repairs to its
refineries. Net profit for the June 2008 half-year is forecast to range
between $A175 million and $A195 million, against $A294 million in the
June 2007 half-year.
Caltex Australia has completed a major capacity upgrade to its Banksmeadow fuel
distribution terminal in the state of New South Wales, in a bid to offer Bio E10
Unleaded petrol with 10% ethanol at more of its service stations in Sydney and other
surrounding regions.
The company has said that over 120 of its service stations in New South
Wales (NSW), and 220 of its outlets across Australia currently offer
Bio E10 Unleaded. The ethanol component in the Bio E10 Unleaded
fuel will be mixed with unleaded petrol simultaneously through an
inline blending system as tankers are being loaded. This is expected to
significantly decrease loading time.
A new ethanol storage tank at the Banksmeadow facility has been completed,
with another larger tank due online in three months time. Together, they will provide
one million liters of ethanol storage capacity. Caltex has invested nearly A$3 million
dollars in the upgrade to the Banksmeadow terminal and is investing in a similar
upgrade at its Lytton terminal in the state of Queensland.
Des King, Caltex Australia CEO, said: "As the largest primary wholesaler
of petrol in NSW these upgrades are an essential component of our plan to meet the
NSW government's ethanol mandate and our commitments under the former federal government's
biofuels action plan."
PetrolWorld 300608
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