Incitec Pivot Secures Gas for Gibson Island Plant Through 2022

   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)

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