The Port of Newcastle has identified three locations that could potentially be used to store millions of extra litres of fuel.
The sites at Walsh Point, the Kooragang Precinct and the Mayfield Precinct are contained in the port's response to a federal government Request for Information about opportunities to increase Australia's domestic fuel storage capacity.
It follows a recent push by Energy Minister Angus Taylor to improve the country's fuel security.
Liberal Senator Hollie Hughes will be briefed about the new storage options during a tour of the port on Tuesday.
There are presently three existing fuel terminals inside the port, which have a combined capacity of 268 megalitres and a further 253 megalitres of approved storage for future growth.
A fourth terminal, Caltex, which has 32 megalitres of storage capacity, is indirectly connected to a deepwater berth via a pipeline.
The Port of Newcastle presently contributes about $25 billion to the state's economy annually.
It argues that its strategic location on the eastern seaboard makes it well suited for further investment in fuel storage.
"Port of Newcastle has a flexible approach to facilitating development at the port, and can participate as a landlord, with preparatory civil works, or by participating as an investor or construction partner in new projects," the port said in its Request for Information response.
"Development could commence as soon as required, with Port of Newcastle having the ability to direct allocation of the relevant resources at project commencement. Subject to relevant planning and environmental processes, this would enable a short development timeframe."
Port of Newcastle chief executive Craig Carmody said the government's strategic fuel reserve initiative provided the opportunity for existing tenants to help shape the future of the region.
"With diesel for the coal industry in the valley and jet fuel for the airport just up the road, we clearly see the Port of Newcastle as a very strong location for investment in this program," he said.
Senator Hughes said she was looking forward to inspecting the potential new fuel storage locations during a fly-over of the sites.
"Fuel security is essential to our national security and additional storage at suitable locations here and other parts of NSW will also create security for business," she said.
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