Port Kembla Port Corporation

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Port Kembla Port Corporation
Government-owned corporation
Industry Seaport management
Founded 1996 (1996)
Headquarters Port Kembla, Australia
Key people
Nicholas Whitlam (Chairman)
Dom Figliomeni (CEO)
Revenue Increase A$56.9m[1]
Increase A$59.5m[1]
Increase A$19.5m[2]
Total assets Increase A$476.1m[1]
Total equity Increase A$346.4m[1]
Owner Treasurer of New South Wales - 1 share
Minister for Finance, Services & Property - 1 share
Parent Government of New South Wales
Website www.kemblaport.com.au

Port Kembla Port Corporation (PKPC), a corporation owned by the Government of New South Wales, is responsible for the management, development and operation of seaport facilities at the Port Kembla, near Wollongong, New South Wales, Australia.

PKPC was established in 1996 pursuant to the State Owned Corporations Act, 1989 (NSW) and the Ports and Maritime Administration Act, 1995 (NSW).

In the 2011-2012 financial year, the port handled 32.2 million tonnes of cargo (a decrease of 1.4 million tonnes) and welcomed 1,010 vessels (a decrease of four on the results for the previous year).[2]

Corporation equity and ownership

Equity in the corporation is held jointly by the Treasurer of New South Wales and the Minister for Finance, Services & Property, who hold their shareholding in trust on behalf of the NSW Government.

In April 2013, the NSW Government announced that it would be granting a 99-year lease to NSW Ports Consortium, whose partners are Industry Funds Management (including Cbus, HESTA and HOSTPLUS[3]), AustralianSuper, QSuper, and Tawreed Investments $760 million. The lease was granted in conjunction with a lease over Sydney Ports Corporation's Port Botany port for $4.31 billion. Some employees of the Port Kembla Port Corporation are expected to transfer to the new private sector owner. The government pledged that $270 million of the sale proceeds be allocated towards infrastructure projects in the Illawarra region.[3][4][5][6]

Facilities under management

The growth of the Illawarra region, and of Sydney to the north, has created significant opportunities for the port's future development. In addition, the state government's intention to end Sydney Harbour's status as a working port will doubtless see Port Kembla and Port Botany pick up the slack.

Because the existing railway lines from Sydney and Moss Vale are too steep, congested and long, the PKPC and others are seeking to complete the Maldon-Dombarton line.

See also

References

  1. ^ a b c d "Financial Report 2011/2012" (PDF). Port Kembla Port Corporation. 29 October 2012. Retrieved 23 March 2013. 
  2. ^ a b "Annual Report 2011/2012" (PDF). Port Kembla Port Corporation. 29 October 2012. Retrieved 23 March 2013. 
  3. ^ a b Humphries, Glen (13 April 2013). "$5 billion port windfall: what it means for us". Illawarra Mercury. Retrieved 13 April 2013. 
  4. ^ "Ports sale reaps 'historic' $5bn price for NSW". Australian Financial Review. 12 April 2013. Retrieved 13 April 2013. 
  5. ^ Nicholls, Sean (13 April 2013). "Ports sale adds $4.3b to coffers for key projects". The Sydney Morning Herald. Retrieved 13 April 2013. 
  6. ^ "Port Kembla and Botany leased for $5.07b". Illawarra Mercury. 12 April 2013. Retrieved 13 April 2013. 

External links

  • Port Kembla Port Corporation website
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