Media release

21 September - MVT75/2004

Consortium to Conduct Feasibility Study into Brunei Urea Plant

Trade Minister Mark Vaile today announced that a consortium including Australian fertiliser manufacturer Incitec Pivot Limited and WestSide Limited, a private company with majority Australian shareholding, has been selected to conduct a feasibility study into the construction of a US$600 million fertiliser manufacturing complex in Brunei.

The consortium also includes the Japanese firm Mitsubishi Corporation.

"I congratulate Incitec Pivot and WestSide and wish them every success in the final negotiations," said Mr Vaile.

"This announcement demonstrates the potential opportunities for Australian companies in Brunei."

The Brunei Economic Development Board has selected the consortium as part of its efforts to diversify Brunei's economy. The urea plant would be a cornerstone investment in Brunei's diversification agenda.

The plant would have the capacity to manufacture 1.2 million tonnes of urea a year and would be the largest urea manufacturing operation in Asia.

"This announcement proves yet again that Australian companies are globally competitive," Mr Vaile said.

"It also highlights the growing business links between Australia and Brunei."

"These two-way trade links, totalling almost A$700 million per annum, will be further strengthened by the launch of direct air links between Sydney and Bandar Seri Begawan next month."