G&M acquires TgP for US$ 237 million

Peruvian construction and engineering firm Grana y Maontero SAA (G&M) has signed an agreement to acquire Pluspetrol Resource Corporation's 12.36% stake in a consortium that operates a major Peruvian gas pipeline, Transportadora de Gas del Peru S.A. (TgP), for US$ 237 million.

TgP is the largest transporter of natural gas and natural gas liquids in Peru. In 2012, TgP delivered approximately 9% of both the country's total volume of natural gas and natural gas liquids. TgP's customers include the power generators, natural gas distributors and industrial companies in Peru.

Approximately 50% of the nation's electricity generation depends on the pipeline, which transports gas from the Camisea fields in the Peruvian Amazon to the country's Pacific coast.

Other companies that have a stake in the consortium are Tecagas NV of Argentina, Hunt Oil of the US, Sonatrach of Algeria, South Korea's SK Corporation and Franco-Belgian GDF Suez-Tractabel SA.

In order to fund the acquisition, G&M announced that it has entered into a US$ 2.7 million facility with an affiliate of Canadian Pension Plan Investment Board.

Edited from various sources by Hannah Priestley-Eaton

Read the article online at: https://www.worldpipelines.com/business-news/21112013/gm_acquires_tgp_for_us_237_million/