Australia’s east coast is to receive a new port terminal in plans set out by US firm Bunge. The move will increase competition for GrainCorp, the country’s largest agribusiness.
Bunge has applied for planning permission to build its second port terminal in Geelong, Victoria, which would have three storage silos.
Chris Aucote, Bunge general manager, said: “We decided on Geelong due to the capabilities of its port, complementary infrastructure and good transport access for grain supply.”
GrainCorp, which also operates a port in Geelong, is anticipating more competition from the new port opening.
GrainCorp spokesman Angus Trigg said: “This is further evidence that grain exports from eastern Australia are highly competitive and contestable.”
The bulk grain terminal is expected to open towards the end of 2015 with an export capacity of 45,000 tonnes of grain per year.