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Article Excerpt
PROJECT OVERVIEW:
The local BRUNEI ECONOMIC DEVELOPMENT BOARD recently selected an international joint venture to complete a project feasibility study regarding the construction of a new urea plant in the country. The partners in the proposed undertaking include INCITEC PIVOT LTD. (IPL) of Australia and Japan-based MITSUBISHI CORP. (MC).
Construction plans under consideration would reportedly involve building the largest urea plant in Asia. The project would involve the construction of a complex with an installed production capacity of 1.2 million tons per year of urea. The cost to complete the project that will include gas supply, utilities and infrastructure as well as environmental assessment has been pegged at $600,000,000.
If the project proceeds as envisioned the consortium is expected to establish a joint venture in view of implementing the undertaking on the basis of a build-operate (BO) scheme. In so doing, IPL will reportedly hold the majority off take rights for the plant's output as well as be responsible for operating and maintaining the manufacturing complex.
Construction works are anticipated to take about 3 years to complete.
INCITEC, a subsidiary of ORICA LTD., is acknowledged to be a world-class manufacturer of fertilizer.
MC employs a total workforce of approximately 6,600...
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