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Vector agrees to buy LPG from NZOG's share of Kupe output

Wednesday 5th November 2008

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Vector, New Zealand's No. 2 electricity and gas distributor, signed a long-term contract to buy LPG from New Zealand Oil and Gas produced from the Kupe field.

The agreement covers about 15,000 metric tons a year of LPG for between 10 and 15 years, according to a statement from Vector. The deal is contingent on the owners of the Kupe field agreeing terms to take their entitlements from the field, which is set to begin production next year.

"It's a valuable addition to Vector's existing LPG entitlements at Kapuni, that allows Vector to maintain a competitive position in the LPG market," chief executive Simon Mackenzie said.

Shares of NZOG jumped 5.3% to $1.39, bringing their gain this year to 15%.

By Jonathan Underhill

  General Finance Advertising    

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