Contact to sell Ahuroa Gas Storage to Gas Services NZ for $200M

Wed, 20 Dec 2017

By Paul McBeth Dec. 21 (BusinessDesk) - Contact Energy has signed an agreement to sell its Ahuroa Gas Storage facility in Taranaki to Gas Services New Zealand, which is affiliated with Maui pipeline owner First Gas, for $200 million, which it will use to repay debt. Wellington-based Contact expects to reap net proceeds of $151 million from the transaction, reporting a $15 million gain on the sale, which will go to repaying debt, it said in a statement. A $48 million tax bill will create extra imputation credits that could allow full impu...

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