Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Vector to Sell Kapuni Assets

Vector to Sell Kapuni Assets And Enter into New Long Term Natural Gas And LPG Supply Arrangements

Vector has today announced it will transfer ownership of the Kapuni Gas Treatment Plant and related assets, along with Vector’s 50% interest in the Kapuni Energy Joint Venture, to Todd Petroleum Mining Company.

The Kapuni gas treatment plant processes all the gas produced from the Kapuni field in South Taranaki, with Todd holding the extraction licence for the field.

Vector Group Chief Executive, Simon Mackenzie, says the deal will ensure a strong future for the Kapuni operations, its employees and the wider Taranaki community.

“Todd is in many ways the natural owner for this asset given the level of investment they are making in the region and we’re looking forward to collaborating with them during the handover.

“Todd will inherit a fantastic team of people passionate about their region and industry and I’m pleased this deal puts the team together with a new owner with the knowledge and skills to make the most of the Plant over the long term”.

Following the transition of the plant to new ownership Vector, which serves a number of commercial and residential gas and LPG customers under its Vector OnGas brand, will be an anchor customer of Todd under new commercial supply agreements.

“I’m looking forward to the next chapter of our relationship with Todd and further opportunities to collaborate for customers”, Mr Mackenzie said.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Primary Sector Council Report: Vision To Unite The Primary Sector Launched

Agriculture Minister Damien O’Connor has welcomed the release of a bold new vision for the country’s vital food and fibre sector. More>>

ALSO:

Crown Accounts: Treasury HYEFU Sees Deficit Then Rising Surpluses

An operating balance before gains and losses deficit of $0.9 billion is forecast in the current year, before returning to a small surplus in 2020/21 which then grows to reach $5.9 billion (1.5% of GDP) in 2023/24. More>>

ALSO:

Fuels Rushing In: Govt "Ready To Act" On Petrol Market Report

The Government will now take the Commerce Commission’s recommendations to Cabinet...
• A more transparent wholesale pricing regime • Greater contractual freedoms and fairer terms • Introducing an enforceable industry code of conduct • Improve transparency of premium grade fuel pricing... More>>

ALSO:

Reserve Bank Capital Review Decision: Increased Bank Capital Requirements

Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. More>>

ALSO: