Stuart to build fuel import terminal

Australian oil and gas producer Stuart Petroleum Ltd. said it plans to build a A$70 million (US$58.6 million) fuel import terminal and diesel refinery in South Australia, sending its share price up. The company has begun negotiations with major refiners in Australia to purchase diesel fuel for the storage terminal, Stuart Petroleum Managing Director Tino Guglielmo said, but had not ruled out the option of importing diesel fuel from regional refineries. The drive to boost coal and mineral exports, coupled with a shrinking refining sector, has turned Australia from a net fuel exporter four years ago into a leading buyer, with diesel imports doubling last year to more than 100,000 barrels per day (bpd). (August 8, 2007)