(XOM) ExxonMobil Builds Australian Terminal

A subsidiary of ExxonMobil Corp. (XOM) plans to initiate the construction of a new 9 million liter diesel fuel tank at the Birkenhead fuel terminal in Adelaide, Australia.

Mobil Oil Australia Pty Ltd (Mobil), a subsidiary of ExxonMobil Australia Pty Ltd, owns the Birkenhead fuel terminal jointly with Royal Dutch Shell plc (RDSA).

This new tank is a continuation of the company’s efforts to establish Birkenhead’s lead in managing petrol, diesel and jet fuel terminal in South Australia. The Birkenhead terminal spreads over an area of 15 hectares of land.

The new diesel tank construction awaits the receipt of local planning approval and is likely to take a period of approximately 12 months for completion. Upon completion, the overall storage capacity of the terminal will increase more than 10%.

The company’s ongoing investment of above $20 million in Australia includes the cost of constructing the new tank in Birkenhead. The company’s investment would also ensure supply of quality fuel to South Australia.

Among the key fuel distribution terminals operated by Mobil, the Birkenhead facility ranks amongst the three most important fuel distribution terminals. It is a major point of supply into South Australia and is connected by a wide network of road and rail loading gantries which makes the distribution process convenient.

Irving, Texas-based ExxonMobil Corporation is the world’s largest publicly traded oil company. The company holds a Zacks #3 Rank, which is equivalent to a Hold rating for the short term. We recommend a Neutral rating on the stock for the longer term.

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