Ashurst has advised Mitsubishi Corporation through its wholly-owned subsidiary Petro Diamond Australia Pty Ltd (PDA), on a joint venture and operating agreement of a diesel import terminal at Port Bonython in South Australia.

Mitsubishi Corporation announced it will construct, through PDA, a diesel import terminal at Port Bonython in South Australia. The terminal will be the foundation for Mitsubishi to launch a diesel fuel supply, sales and distribution business in Australia.

PDA owns Port Bonython Fuels Pty Ltd (PBF), which it acquired in 2012. PBF subsequently invited Coogee Chemicals Pty Ltd to participate as a shareholder and operating partner of the new PBF terminal. Under this joint venture, CPB has acquired a 10% equity interest in PBF, and will operate the new terminal once constructed.

The transaction marks Mitsubishi's entry into the diesel importation market in Australia and is a significant infrastructure project in South Australia.

Lead partner Ian Williams said: "We are delighted to have worked with the team at Mitsubishi in finalising this transaction, which marks their entry into the Australia diesel import market."

Ian was assisted by senior associates Jonathan Ross and Aaron Shute, and lawyers David Plant and David Wright (Corporate); with partners Tanya Denning, Robert Jamieson and Grant Rowlands, senior associates Andrew Gay, Jane Hall, Sophie Osborn and Laura McRae, and lawyer Nadine Martino (ERRI).