• 5 minutes Iran Says It Arrested 17 CIA Spies, Some Sentenced To Death
  • 9 minutes Will We Ever See 100$+ OIL?
  • 13 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 14 hours Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 6 hours Renewables provided only about 4% of total global energy needs in 2018
  • 3 hours Platts says if Iran's 2 mm bbls exports comes back on market oil goes to $40 . . . What about new Permian pipelines 2.47 mm bbls coming ? . . . WHAT IF BOTH IRAN AND PERMIAN TOTAL 4.47 mm added bbls . . . OMG !
  • 1 hour Today United States President Trump Questioned U.S. Policing Straights of Hormuz for Rich Asian Countries. Allies Britain and Japan asked to participate. They said NO. Nice friends, huh. US spends $100 Billion a year Protecting Mideast Shipping Lanes!
  • 3 hours So You Think We’re Reducing Fossil Fuel? — Think Again
  • 6 hours N.Y. Governor Signs Climate Bill
  • 2 hours Oil Giant Saudi Arabia Is Set to Start First Wind-Power Plant
  • 22 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 16 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 21 hours How is E&P of Marginal Oil on the UKCS Similar to the Shale Oil Operations in the US?
  • 3 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 1 day Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 1 day Shale Oil will it self destruct?
Oil Will Go ‘’Bust’’ If Recession Hits

Oil Will Go ‘’Bust’’ If Recession Hits

Oil prices fell on Thursday…

Oil Markets Ignore The Tanker War

Oil Markets Ignore The Tanker War

While many analysts would have…

Top Australian Gas Distributor Accepts CK Infrastructure $9.45B Offer

energy infra

One of Australia’s top gas pipeline operator APA Group has accepted a US$9.45-billion (A$12.98-billion) takeover bid made by a consortium led by Hong Kong-based CK Infrastructure. The deal should close by the end of the year if all goes as planned, after APA Group’s board of directors unanimously recommended the deal “in the absence of a superior proposal.”

The consortium, which besides CK Infrastructure also includes CK Asset Holdings and Power Assets Holdings, is still awaiting regulatory approval for the acquisition. In anticipation of this approval, the consortium said earlier this year it will sell all of APA Group’s assets in Western Australia since it already owns the largest gas pipeline in the state: it was part of its acquisition of Australian utility Duet.

When the Hong Kong company first announced its bid, analysts predicted it would have to offload some critical assets in Australia to get regulatory approval for the deal, which some have called “the mother of all monopolies.”

SK Infrastructure already has an extensive presence in the Australian energy market, including stakes in the two largest utilities in Victoria, Citipower and Powercor, and SA Power Networks, the single electricity distributor in South Australia. The Chinese company also holds a 19.3-percent stake in gas pipeline operator Envestra, which serves around a million households and businesses, operating 21,000 km of pipelines.

Related: Saudi Crackdown On Canada Could Backfire

APA Group is the second-largest gas pipeline operator in Australia, with 15,000 km to its name servicing 1.3 million households and businesses, mainly along the eastern seaboard.

The Australian Competition and Consumer Commission began to study the deal and its implications for competition on the local gas market in June and will make its findings public next month. Some expect that the watchdog would ask SK Infrastructure to divest some assets in eastern Australia, but others believe the ACCC would be content with just the Western Australia divestment.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play