APA finalises LNG pipeline acquisition
SYDNEY , June 5, 2015 – Australian LNG infrastructure company APA Group announced on Thursday that it has completed the purchase of the Queensland Curtis LNG pipeline in Australia from BG Group.
The pipeline network is 543 kilometres long and connects the Queensland Curtis LNG export facility to natural gasfields. BG Group received around $4.6 billion in gross proceeds from the transaction. During the completion process, APA has renamed the pipeline to the Wallumbilla Gladstone Pipeline.
This deal represents the company’s biggest pipeline acquisition and extends APA’s existing assets to cover more than 7,500 kilometres in the eastern part of Australia.
“We have also gained two significant global customers in BG Group and China National Offshore Oil Corporation (CNOOC) as part of this transaction and we look forward to further developing our relationship with each of them,” APA’s managing director Mick McCormack said in a company press release.