Rockgas in 'extended decline' since Origin sale to Contact

Thu, 16 Aug 2012

By Pattrick Smellie Aug 16 (BusinessDesk) - Contact Energy's Rockgas LPG business has been in an "extended period of decline" since Contact bought the business for $156 million in a related party transaction with its majority shareholder, ASX-listed Origin Energy, five years ago. A case study in the Edison Investment Research inaugural New Zealand Petroleum Sector Yearbook says the LPG unit is now worth far less than Contact paid for it, at somewhere between $45 million and $95 million. The analysis, led by one of New Zealand's leading energ...

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