Viva Energy Group Limited announced that it has finalised the terms of the grant agreement in relation to the Federal Government's Boosting Australia's Diesel Storage Program, that will see the Company build 90 million litres of new strategic diesel storage at its Geelong Refinery. The grant will cover up to 50% of total eligible expenditure up to a maximum of $33.3 million. The total project expenditure is estimated to be between $75 million to 85 million.

Subject to regulatory approvals, construction of the new diesel storage is expected to commence shortly ahead of planned completion by mid-2024, prior to the introduction of stage 2 of the Minimum Stockholding Obligations.