Marubeni Corporation announced that it has agreed to acquire a 40% equity interest in APT Allgas Energy Pty Ltd (Allgas), a wholly owned subsidiary of the APA Group in Australia.
RREEF Infrastructure (RREEF), a subsidiary of Deutsche Bank AG also acquired a 40% equity stake in Allgas, resulting in an Allgas equity structure of Marubeni 40%, RREEF 40%, and APA 20%.
APA is a major energy company involved in the ownership, operation and management of gas pipelines and gas distribution networks throughout Australia. Marubeni’s relationship with the APA Group commenced in 2008 with an investment into a portfolio of gas pipelines, and power generation and transmission assets. Through its interest in Allgas, Marubeni will become the first Japanese Corporation to participate in the gas distribution network business in Australia.
The Allgas distribution network is located in South East Queensland, an area that includes Brisbane and the Gold Coast. The network serves a region with one of Australia’s fastest growing populations, where there is expected to be a corresponding increase in energy requirements. The Allgas acquisition represents Marubeni’s second major infrastructure investment in this region, following the decision to invest into the Gold Coast Rapid Transit Light Rail PPP project as part of the GoldLinQ consortium in February this year, and is an indication of Marubeni’s confidence in the future of the South East Queensland region.
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LNG World News Staff, December 15, 2011