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Indian co to invest $630 M in Australian ammonia plant
NEW DELHI: The plant will be built on the Burrup Peninsula in Western Australia by Burrup Fertilisers, a company promoted by India's Oswal Projects Ltd., said a statement from the Australian High Commission here Wednesday.
"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," it said.
The plant is expected to produce about 2,200 tonnes of liquid ammonia from natural gas each day for the Australian and overseas markets.
Work on the project will begin this year. It is expected to achieve commercial production by the first quarter of 2005.
The statement said Oswal decided to set up the plans in Australia because of the availability of cheap natural gas.
"The project represents a significant milestone for both Australia and India and is an excellence example of the increasing substance and significance of our growing bilateral economic relations," said Peeny Wensley, the Australian envoy to India.
The two-way trade between India and Australia touched 3.2 billion Australian dollars in 2001, a 23-percent increase over the previous year.
Source: IANS