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New Zealand's Contact Energy to sell LPG business for NZD 260 million in Cash

Gasoil News - Published on Thu, 02 Aug 2018

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Reuters quoted Contact Energy Ltd as saying that it will sell Rockgas Ltd, which holds the company's LPG business, to an associate of First Gas Ltd for NZD 260 million in cash. As a part of the deal, Contact will enter into an exclusive marketing agreement with First Gas associate Gas Services NZ Midco Ltd that will allow it to continue to offer LPG to mass market customers.

In addition to the LPG operations, Rockgas also has a 50 percent stake in Rockgas Timaru Ltd and a 8.5 percent interest in Liquigas Ltd.

The Wellington-based company said in a statement that Contact will provide support services to Rockgas for mass market customers for a yearly fee of NZD 2 million.

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Posted By : Nanda Koijam on Thu, 02 Aug 2018
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