The potential of the site of the Thames Oilport exceeds the original expectations when it was purchased in 2012, according to Greenergy, one of the joint venture partners in the terminal with Shell and Vopak.

Writing in the company’s annual report, chief executive Andrew Owens said work was continuing on the terminal, but completion of the project had been delayed because it required more work than was originally expected.

He explained that the site was bought from the Coryton Refinery administrators largely unseen and the condition of site was poorer than had been expected. But he added: “We have gained significant experience which will serve us well in the future if, or when, other refineries shut down.”

He added that the deep water jetty at the terminal was crucial as it would allow Greenergy to purchase direct from the lowest cost producers, and concluded that despite delays the potential of the site exceeded original expectations.

Turnover for the year to April 14, 2014, was up 11% at £15.7bn, compared with £14.6bn the previous year. However, the results were affected by high capital expenditure and flood damage to the biodiesel manufacturing plant at Immingham and storage caverns at North Tees, and pre-tax profit was £10.5m compared with £16.6m the previous year.