APA Group cashed up for new pipeline infrastructure

The company announced a 14.6 per cent increase in operating cash flow to $A268 million, and a net profit of $A100 million, for the year ending 30 June 2010.

“The increased performance was principally due to the sale of additional pipeline capacity from recent expansions,” Mr McCormack said.

Mr McCormack told The Australian Financial Review that the APA Group is still interested in buying the 11.8 per cent of the Goldfields Gas Pipeline it does not already own from Alinta Energy, as well as purchasing other unnamed Alinta assets.

“The company continues to expect a strong shift towards cleaner energy in years ahead, sparking more demand for pipelines and infrastructure,” Mr McCormack said.

Mr McCormack said that APA will continue to contact the proponents of LNG projects in Gladstone, who will soon make final investment decisions on their developments, in order to discuss infrastructure sales and expansions.

“During the year APA commenced or continued more than $A200 million of expansion projects, mainly focused on increasing capacity on pipelines in New South Wales and Victoria,” Mr McCormack added. “APA’s considerable internal operations and commercial capability is being used to develop and manage these projects.”

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