Takeover in gas

By Graeme Kennedy

Friday 12th March 2004

Origin Energy has acquired Caltex New Zealand's 50% stake in Rockgas Ltd, to gain full ownership of the country's largest LPG distributor.

Caltex and Origin were to sign the agreement for an undisclosed amount today, with the new arrangement as a purely-Origin subsidiary beginning on March 31 after 14 years as a joint venture.

Rockgas general manager Owen Poole said the $80 million-turnover business expected continued 15% annual growth in the industrial, commercial and domestic sectors, although automotive LPG demand remained flat.

However, Rockgas would remain Caltex's preferred supplier.

Poole said Rockgas serviced 300 bulk industrial clients, 7000 commercial customers, 13,000 domestic users and 300 vehicle refuelling stations in New Zealand.

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