Incitec Pivot Secures Gas for Gibson Island Plant Through 2022
June 03 2019 - 7:39PM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--Incitec Pivot Ltd. (IPL.AU) said it has secured the gas
supplies needed to run manufacturing operations at its Gibson
Island fertilizer plant in Australia's Queensland state through
2022.
The company will source supplies from Australia Pacific LNG, a
joint venture between ConocoPhillips (COP), Origin Energy Ltd.
(ORG.AU) and China Petroleum & Chemical Corp., from April 1,
2020, to Dec. 21, 2022.
Incitec forecast earnings before interest and tax in the 2020
fiscal year would be roughly 5 million Australian dollars (US$3.5
million) higher than in fiscal 2019 as a result.
The plant will require a major turnaround project to remain in
operation through 2022, Incitec said. That is scheduled to occur
early next year, costing about A$60 million, which is included in
the fiscal 2020 earnings forecast.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
June 03, 2019 19:24 ET (23:24 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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