Samsung wins $3.5bn Collie project
PERDAMAN Chemicals and Fertilisers, the company behind the $3.5 billion urea plant near Collie, has awarded an engineering and construction contract to Samsung Engineering Co and P.T. Inti Karya Persada Tehnik. Perdaman has received in-principle approval from the state government for the project, which will be built at Shotts Industrial Park.
Clough JV wins Exxon LNG contract
A JOINT venture between Clough Niugini and Curtain Bros Papua New Guinea has been awarded a contract for early works on an Exxon Mobil liquefied natural gas (LNG) project in Papua New Guinea.
The project has proposed to build a two-train 6.3 million tonnes per annum liquefaction plant near Port Moresby with gas sourced from various fields in the PNG Highlands.
iiNet tips FY profit to rise to $25m
AUSTRALIA'S third biggest internet provider, iiNet, (pictured) expects its full-year net profit to reach $25 million.
The company currently has net debt of $24 million, which gave it room to pursue growth through takeovers or expand current operations.
PPPs, works reforms to save $280m
THE state government's 'Works Reform Business Solution Plan' is expected to save $280 million over four years by enhancing the use of public-private partnerships.
Under the reforms, a significant number of the 30,000 office based public sector workers based in the central business district could be moved to outer areas of Perth.
BHP, Rio in WA iron ore joint venture
BHP Billiton and Rio Tinto have signed a non-binding agreement to establish a 50-50 production joint venture, which covers all current and future WA iron ore assets and liabilities.
The JV is expected to create $A12.47 billion synergy savings but has to obtain necessary regulatory and government approvals to go ahead
Appointments 28
Walsh, Ashby on iron ore JV board
SAM Walsh (pictured) has been appointed as an executive director of Rio Tinto plc and Rio Tinto Limited. Mr Walsh will also be the initial chairman of the non-executive owners' council of the BHP-Rio iron ore joint venture announced last week. He has been chief executive of Rio's iron ore group since 2004, after starting with the company in 1991. BHP Billiton Iron Ore president Ian Ashby will become the initial chief executive of the merged iron ore entity.
Gray moves in federal cabinet reshuffle
PERTH MP Gary Gray has been promoted as Parliamentary Secretary for Western and Northern Australia. Mr Gray held the position for the Northern Australia previously and will now have a dual-focus with the added responsibility of WA.
Bendat, Hobbs on Queen's Honours list
JACK Bendat (top left) has been awarded a Member of the Order of Australia for service to the community through his philanthropic contributions to a range of charitable and cultural organisations. The former owner of many building, media and wine entities In WA donated $5 million in 2004 to help set up the St John of God Comprehensive Cancer Centre. Former Western Australian chief scientist and senior CSIRO scientist Bruce Hobbs (below) was made an Officer of the Order of Australia, the second highest civilian honour. Mr Hobbs was honoured for service to science, particularly in the field of structural geology as a leader in the development of innovative research centres and mineral exploration technologies.
Directors' Interests 27
Fortescue Metals Group executive director Graeme Rowley has pocketed nearly $3 million after selling 1 million company shares.
Mr Rowley sold the shares in two separate transactions, with the first netting him $2.36 million after selling the shares at $2.95 apiece.
In the second share sale, Mr Rowley generated $603,230 with each share sold at $3.01, boosted by the merger proposal between BHP Billiton and Rio Tinto.
A Fortescue spokesperson said the share sales were for personal reasons.
Two directors with property developer and civil contractor United Overseas Australia have reinvested a substantial portion of their dividends to boost their shareholdings.
Chairman Kong Chong Soon spent over $5.6 million acquiring 41.7 million shares, lifting his interest to 609.3 million shares valued at $109.7 million.
Executive director Kong Pak Lim spent $4.3 million buying 32.1 million shares, increasing his interest to 469.4 million shares valued at $84.5 million.
Bank with no beer
IT is good to see someone is listening to us.
Last year, WA Business News offered readers 34 Big Ideas, a light-hearted look at some of the projects Western Australia needed - some frivolous, some very important.
We are not sure where returning the former Palace Hotel to its licensed glory would fit in that broad spectrum, but here's what we wrote: "It's not just ageing journalists who remember the Palace Hotel on the corner of William Street and St Georges Terrace.
"Many corporate types enjoyed a drink or two at that establishment ... until Alan Bond built the BankWest Tower and the wonderful 112-year-old hotel, built by gold speculator John DeBaun, was turned into a financial services outlet.
"Boring ... give us back a pub, please."
So news that Luke Saraceni is looking at installing a bar in the famous building when BankWest moves out is music to our ears.
Devil in the detail
VETERAN Greens politician Giz Watson is the latest to have a crack at finding out what is really happening behind the closed doors of GESB's stalled mutualisation - a favourite topic of The Note.
Ms Watson fired off a list of questions to Treasurer Troy Buswell, who managed to make sure he answered them without adding much new detail to the whole saga.
One rare gem was the fees paid to GESB board members (including fee payable for their roles on other GESB-related boards). Nearly $460,000 in fees paid or due in the year to date but, unfortunately, that doesn't tell the whole story.
Because GESB has not been mutualised there is literally a shadow board at GESB Mutual for which there was no information forthcoming, except that GESB's Harvey Collins doesn't take a fee for sitting on the mutual board.
Mr Collins and GESB CEO Michele Dolin are part of a Rolls Royce collection of mutual directors, featuring: former Alcoa Australia chief and Leighton Holdings director Wayne Osborn; Macquarie Bank and ASX director Peter Warne; former Alinta and HBF director Fiona Harris; Macquarie Private Capital Group and ABN AMRO Investments Australia director Andre Morony; and former Woodside Petroleum acting CEO and current Clough director, Keith Spence.