Minister to address Metal Bulletin Asia Steel Conference in Singapore

6/11/98

Western Australia's multi-billion dollar iron ore industry will be a centre of attention at this year's prestigious Metal Bulletin Asia Steel Conference being held in Singapore next week.

Resources Development Minister Colin Barnett will give a keynote address to the conference and outline the current state of WA's iron ore industry, as well as provide predictions on the industry's potential future growth.

The strength of WA's relationship with Asia, and the important role the State's iron ore plays in the growth of Asian economies, will also be a key feature of the presentation.

"Until the economic slowdown in Asia, more than 27 per cent of world wealth was generated by Asia," Mr Barnett said.

"And while WA is proud to have contributed to Asia's spectacular growth in the past, we should not lose sight of opportunities for the future.

"A strong economic recovery in Asia is, I believe, inevitable. I have faith in the energy and resilience of the people of Asia. Their drive and entrepreneurial spirit will ensure a sound economic recovery for the region and WA, with its abundance of natural resources, will be there helping to fuel that revival."

Mr Barnett said he expected speakers at the conference to paint a comprehensive picture of the impact of the Asian economic situation on the steel industry. Other speakers include the president of the ASEAN Iron and Steel Industry Federation, the assistant general manager of Baoshan Iron & Steel Corp China and the president director of PT Krakatau Steel, Indonesia.

"WA's partnership with Asian steel industries will be at the heart of Asia's economic recovery," Mr Barnett said.

"Western Australians should now turn their minds to this growth phase, and position themselves for the time when the market does change."

Also on his two-day trip to Singapore, Mr Barnett will visit the world-scale Singapore Petrochemical Complex, a cluster of contemporary petrochemical plants on Jurong Island.

The complex is an example of what could be achieved in WA's Karratha region. Dow Chemical Company and Shell Chemicals Limited jointly have the right to develop a world-scale Pilbara Petrochemical Project (PPP) which is currently in project feasibility stage.

The Minister will also inspect the floating, production and storage offloading vessel (FPSO) being constructed for the $1.4 billion Laminaria project in the Timor Sea. Two topside modules for the project are currently being fabricated in North Fremantle.

Media contact: Justine Whittome (08) 9222 9699