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.