Channel Infrastructure Signs 15-Year Fuel Storage Deal With BP

MT Newswires Live

Aug 28

Channel Infrastructure (ASX:CHI, NZE:CHI) secured a 15-year contract with oil giant BP to provide additional jet and diesel fuel storage at Marsden Point, expected to generate around NZ$130 million in revenue, before indexation to the Producer Price Index, from the third quarter of 2028, according to a Friday filing with the New Zealand bourse.

The company plans to invest NZ$65 to NZ$70 million in growth capital expenditure between 2026 and 2028, funded through existing debt facilities, to repurpose tanks and infrastructure, with work set to begin in September, per the filing.

The company increased its contracted storage capacity at Marsden Point by 40% over the past three months and plans to raise annual operating expenditure by NZ$700,000 to NZ$900,000 to support import terminal operations and its growth pipeline, the filing added.

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