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Maui Pipeline sold to First Gas Limited

Maui Pipeline sold to First Gas Limited

June 17, 2016 , ,

The acquisition of the Maui Pipeline in New Zealand by First Gas Limited has been completed following all necessary regulatory and government approvals.

The acquisition of the Maui Pipeline in New Zealand by First Gas Limited has been completed following all necessary regulatory and government approvals.

In late 2015, First State Funds (owners of First Gas Limited) agreed to acquire the Maui Pipeline from the Maui Mining Companies (Shell, Todd and OMV) for NZ$335 million.

“In purchasing the Maui Pipeline in addition to the VGL network, First Gas will own and operate New Zealand’s most significant gas transmission and distribution network,” said First Gas interim CEO Richard Krogh.

The 307 km pipeline is New Zealand’s largest high pressure transmission pipeline, running from the Oaonui Production Station near New Plymouth to the Huntly Power Station south of Auckland in the North Island.

The pipeline has transported gas from multiple fields since an Open Access Regime was established in 2005, creating a successful standalone business which transports around 78 per cent of all natural gas produced in the country.

First Gas’s combined network now comprises of 2,500 km of high pressure gas transmission pipelines and stations that supply natural gas from Taranaki to industrial consumers throughout the North Island, as well as 4,800 km of distribution pipelines in Northland, Waikato, the Bay of Plenty, the Central Plateau and the Kapiti Coast servicing more than 60,000 end customers.