ARCHIVED MEDIA RELEASE
PA/24/2002 31 December 2002
Indian company to build world’s largest ammonia plant in Australia
An Indian-backed company has signed a deal in Australia to build the world's biggest ammonia plant in the state of Western Australia. The project is a unique collaboration, and continues a trend of innovation and diversification in investment between the two countries, most evident in the resources and energy sectors.
The $ 630-million project will be built on the Burrup Peninsula near Karratha, by Burrup Fertilisers, a company promoted by India's Oswal Projects Limited. Announcing the project, in India, the Australian High Commissioner to India, Ms Penny Wensley AO, commented:
"The project represents a significant milestone for both Australia and India and is an excellent example of the increasing substance and significance of our growing bilateral economic and trade relations."
In 2001, two-way trade reached 3.2 billion Australian dollars - a 23 percent increase over the previous year.
Burrup Fertilisers chose to invest in Australia for a number of reasons, the High Commissioner added. Australia was seen to be a highly cost competitive and safe location for investment. Key advantages included the availability and secure supply of cheap natural gas, existing well-developed infrastructure, and the overall strength and stability of Australia's economy and political systems.
The plant, when operational, is expected to produce about 2,200 tonnes of liquid ammonia from natural gas each day, for both the Australian and overseas markets.
Oswal Projects Limited Chairman, Mr Pankaj Oswal, and Executive Director, (Projects) Mr Vikas Rambal, have relocated to Australia to oversee the management of the project.
Work on the project will begin in early 2003 and is expected to achieve commercial production by the first quarter of 2005.
For further details, contact Ms Elizabeth Sullivan, Acting Senior Trade Commissioner, at telephone 26888223, ext 101/116.