Billionaire Andrew "Twiggy" Forrest has taken control of the Port Kembla gas terminal after buying out his two Japanese partners.
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Japanese energy companies Marubeni and JERA owned 30.1 per cent and 19.9 per cent of Australian Industrial Energy.
The remainder was owned by Andrew Forrest's Squadron Energy, which has now bought out the partners' shares.
"JERA and Marubeni have been excellent partners and have both indicated they remain open to future opportunities for targeted involvement in the AIE Port Kembla Gas Terminal project," Squadron Energy Chairman Michael Masterman said.
He said Squadron Energy was committed to the expedited development of the gas terminal.
The ownership change could lead to a streamlining of the process to get the gas terminal up and running, with only one approval needed rather than that of three partners.
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Glen Humphries
I'm an award-winning senior journalist with the Illawarra Mercury and have well over two decades' worth of experience in newspapers. I cover the three local councils in the Illawarra for the Mercury, state and federal politics, as well as writing for the TV guide. If I'm not writing, I'm reading.
I'm an award-winning senior journalist with the Illawarra Mercury and have well over two decades' worth of experience in newspapers. I cover the three local councils in the Illawarra for the Mercury, state and federal politics, as well as writing for the TV guide. If I'm not writing, I'm reading.
