Blow for Incitec

Townsville Bulletin - - NEWS -

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.

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