ɪn tˈuː θˈaʊzənd ðə bɹˈæks ɡˈʌvɚnmənt ɐnˈaʊnst ðæt kˈuːd ˈaɪlənd wʊd biː ðə sˈaɪt ʌv vɪktˈoːɹiəz mˈeɪdʒɚ pˌɛtɹoʊkˈɛmɪkəl stˈoːɹɪdʒ fəsˈɪlᵻɾi, wɪð sˈɪks kˈʌmpəniz lˈiːsɪŋ ðə fəsˈɪlᵻɾi fɹʌmðə mˈɛlbɚn pˈoːɹt ɐθˈɔːɹɪɾi.
In 2000 the Bracks Government announced that Coode Island would be the site of Victoria's major petrochemical storage facility, with six companies leasing the facility from the Melbourne Port Authority.