Blow for Incitec
INCITEC Pivot chief James Fazzino’s longrunning warnings about a gas supply crunch hurting his industry have partly come true with the company flagging a profit downgrade. The explosives and fertiliser maker said it faced a hit to net profit of up to $ 22 million over the next 12 months. A steep cut of 10 to 20 per cent in gas supplies used to power its Queensland Moranbah ammonium nitrate plant was expected. Incitec is supplied by Arrow’s Moranbah Gas Project – a Shell and Petrochina joint venture – which is one of Australia’s largest coal seam gas fields.