Australia’s largest natural gas infrastructure business APA Group
(ASX:APA) has bought a pipeline and announced an entitlement offer.
The company will expand its east cost pipeline network with the purchase of the Queensland Curtis LNG (QCLNG) pipeline from BG Group for $US5 billion.
The pipeline is a key component of the Queensland Curtis LNG Project, linking gas fields in the Surat Basin to the project’s LNG plant on Curtis Island.
APA Group also plans to raise $1.8 billion through a one-for-three fully underwritten pro-rata accelerated entitlement offer to partly fund the acquisition.
APA Group reported a net profit of $343.7 million in the 2014 financial year.
