UPDATE: AGL Energy Sells Gas Pipeline To APA For A$82.6 Million
18 Marzo 2010 - 7:12PM
Noticias Dow Jones
AGL Energy Ltd. (AGK.AU) said Friday it has sold a gas pipeline
in Queensland state to APA Group (APA.AU) for A$82.6 million as it
builds a war chest to spend on wind farm developments and power
assets being privatized in New South Wales state.
The 112 kilometer, 16-inch, Berwyndale-to-Wallumbilla pipeline
was built to transport gas from fields now owned by BG Group PLC
(BG.LN) in the Surat Basin in the state's south to the Wallumbilla
hub near Roma in central Queensland.
AGL and APA have also signed a 17-year gas transportation
agreement in relation to the pipeline, under which AGL will be
provided with "competitively priced" transport services by APA. The
agreement includes an option for increased capacity, which if
triggered would result in APA paying another A$21 million to AGL,
and could be extended to 27 years.
Sydney-based AGL said it will book a A$2.0 million pretax profit
on the A$82.6 million sale.
"Now that we have a long-term transportation agreement in place,
ownership of this pipeline is no longer core to our integrated
strategy," AGL Managing Director Executive Michael Fraser said in a
statement.
APA Managing Director Mick McCormack said the pipeline connects
to three major coal seam gas pipelines, including APA's
Roma-to-Brisbane pipeline. "This acquisition allows us to join our
existing assets to one of the most promising coal seam gas regions
in the country," McCormick said.
The acquisition is expected be accretive to APA by 2014, with
that length of time typical for any pipeline in startup phase,
McCormick said.
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692;
ross.kelly@dowjones.com
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