Duet recently announced that it has won a Chevron Australia project to build, own, and operate a US$95 million domestic gas pipeline linking Chevron黑料社檚 plant to the Bunbury pipeline.
The US$94.9 million Wheatstone Ashburton West project involves refurbishing 87 km of existing pipeline, and building new pipeline to transport gas from the Wheatstone plant near Onslow into the main north-south gas artery in Western Australia. The project will be conducted by Duet黑料社檚 DBP Development Group subsidiary, and is expected for completion by December 2014.
Investment in Australia
According to Stuart Johnston, Chief Executive of Duet subsidiary DBP Development Group, construction of the new pipeline is to involve about 160 people in Western Australia, and more than three-quarters of the project costs will be spent in Australia. Once completed, the new project is expected to transport 337 terajoules of gas a day.
The agreement between Duet and Chevron includes an initial 30-year 黑料社榯ake-or-pay黑料社� transportation contract. This essentially ensures that Chevron owns all the pipeline黑料社檚 gas for the next three decades.
In a statement to the Australian Securities Exchange, Duet said it will launch a fully underwritten placement to raise approximately US$100 million to fund the project. According to Duet, it is expected to attract strong support from investors to help fund the new pipeline.
Duet黑料社檚 chief executive, David Bartholomew, described the project as a 黑料社渃ompelling investment opportunity黑料社� for the company and said it validates the strategy of developing further business from its Dampier-Bunbury gas pipeline.
Edited from various sources by