Health and safety failure INPEX reaps $1.5b half-year profit from Ichthys LNG

ANALYSIS

On Friday, INPEX released its half-year results, including $1.93 billion of revenue from its 68 per cent stake in the Ichthys LNG project for a profit of $1.54 billion.

"Revenue increased by ¥32.1 billion, or 17.5%, to ¥215.8 billion due to an increase in sales price of crude oil. Profit attributable to owners of parent increased by ¥34.0 billion, or 24.5%, to ¥173.0 billion."

That is an eye-watering 80c in every dollar of sales going straight to the bottom line at a rate of more than $8 million a day, courtesy of the blocked Strait of Hormuz.

This is the same company that in the past year :

• has been prosecuted by the NT Government for underreporting dangerous benzene and toluene emissions from its Ichthys LNG plant near Darwin by a factor of more than 100
• spilled 36,000 litres of oil into Darwin Harbour
• bypassed equipment to handle mercury at its offshore facilities, exposing workers to the toxic metal

Before these debacles, its chief executive, Takayuki Ueda, called for less regulation in Australia.

The Japanese company has the financial capacity to operate Ichthys safely, but instead it is endangering the environment and the health of Australian workers and residents.

INPEX's half-year results indicate that the entire Ichthys project could contribute $1.4 billion to Australia in 2026 if the much-discussed 25 per cent gas tax was implemented.