FINWIRES · TerminalLIVE
FINWIRES

Channel Infrastructure Secures New Zealand Government Deal to Expand Diesel Storage at Marsden Point

-- Channel Infrastructure (NZE:CHI, ASX:CHI) confirmed an agreement with the New Zealand Government to add 93 million liters of diesel storage at its Marsden Point Energy Precinct, equivalent to around nine more days of national diesel demand, according to a Monday filing with the New Zealand and Australian bourses.

The storage, expected to be available by May 31 under a contract running through Dec. 31, 2027, is projected to generate around NZ$1.2 million in monthly revenue once operational, per the filing.

The work is already underway, including tank preparation, pipeline connections, and installation of pumping and instrumentation systems, the filing said.

The company expects to complete the project within its current debt capacity and anticipates it could generate about NZ$8 million in additional revenue in 2026, while maintaining earnings before interest, taxes, depreciation and amortization guidance of NZ$95 million to NZ$100 million amid ongoing uncertainty in fuel demand, the filing added.

The company's Kiwi shares gained 1% in recent Monday trade.

Related Articles

Australia

Jefferies Raises Quest Diagnostics Price Target to $225 From $220

Quest Diagnostics (DGX) has an average rating of overweight and mean price target of $219, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $204.33, Change: $+8.02, Percent Change: +4.09%

$DGX
Australia

Truist Securities Cuts Tractor Supply Price Target to $44 From $55, Hold Rating Kept

Tractor Supply (TSCO) has an average rating of overweight and mean price target of $56.19, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $39.92, Change: $-4.90, Percent Change: -10.92%

$TSCO
Sectors

Sector Update: Energy

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.2%.The Philadelphia Oil Service Sector Index was climbing 1.8%, while the Dow Jones US Utilities Index fell 1.3%.Front-month West Texas Intermediate crude oil was rising 4.8% to $93.94 a barrel, and the global benchmark Brent crude contract was advancing 4.4% to $99.68 a barrel. Henry Hub natural gas futures increased 0.3% to $2.70 per 1 million BTU.In corporate news, Halliburton (HAL) shares gained 4.1% after it reported lower Q1 adjusted net income and revenue that still topped analysts' expectations.

$HAL