October 31, 2008
Osaka Gas decided today to participate in an Australian gas and power business venture through a consortium with Marubeni Corporation. It was finalized today that the consortium would be equity partners for APA GasNet Australia Investment Limited (GAIL) , a wholly-owned subsidiary of APA Group . By December 2008 , t he consortium will acquire 80.1% of the shares, in which Osaka Gas and Marubeni will respectively hold 30.2% and 49.9%. APA will continue to be a 19.9% shareholder of GAIL.
APA is a major energy company managing gas pipelines, gas processing plants, and gas storage facilities throughout Australia. In recent years, APA has also been penetrating in power generation, power transmission, and gas distribution businesses. Osaka Gas and Marubeni will be taking part in business involving energy-related assets that have been transferred from APA, through investment towards GAIL. GAIL will be operating gas pipelines, power generating facilities, gas processing plants and interconnectors within Australia, and is expected to generate stable revenue for mid- and long-term, based on long-term contracts and regulated rate system. (See below for GAIL assets.)
Osaka Gas and Marubeni, together with APA, will devote to succeeding in GAIL projects, and will contribute to development of the Australian energy industry as they expand business portfolio in Australia.〔GAIL Assets〕
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