Alcoa to Buy Stake in Australian Gas Pipeline
A consortium made up of Diversified Utility & Energy Trusts, Alinta Ltd. and Alcoa Inc. agreed to buy a natural gas pipeline in Western Australia from Epic Energy for $1.3 billion.
Alinta, Western Australia’s largest gas retailer, has a 20% stake in the group and will operate the pipeline, the companies said. Diversified Utility, partly owned by AMP Capital Investors Ltd. and Macquarie Bank Ltd., has a 60% stake and Alcoa 20%.
Epic, which bought the pipeline in 1998, is controlled by U.S. utilities El Paso Corp. and Dominion Resources Inc. The 951-mile pipeline has been dogged by tariff disputes with regulators, rendering it unable to pay debts. That has deterred investment in expansion.
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