AGL Energy calls off the sale of its Queensland gas assets

Company News

by Rachael Jones

AGL Energy (ASX:AGL) has terminated its agreement to sell its North Queensland gas assets to Order Moranbah Holdings originally announced in August 2017.

Certain conditions were unable to be satisfied to secure counterparty support for the sale to proceed.

The North Queensland gas assets comprise of AGL’s 50 per cent interest in the Moranbah Gas Project Joint Venture and the North Queensland Energy Joint Venture, as well as AGL's participation rights in the exploration permit in the Bowen Basin.

Arrow Energy group entities are the joint venture partners in each of these assets.

Order Moranbah is a consortium of Shandong Order Gas Co. and Orient Energy.

Shares in AGL Energy (ASX:AGL) are trading 0.90 per cent lower to $21.43

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.