The Independent Consumer and Competition Commission (ICCC) has granted a conditional authorisation to Geogas Pacific Pty Ltd to acquire the majority of shares in Origin Energy PNG Limited (OEPNG).
This decision comes after the ICCC successfully completed its assessment of Geogas Pacific’s Authorisation application.
Geogas Group are current LPG suppliers of Trugas (another domestic LPG distributor).
Geogas Pacific, a part of Geogas Group, is proposing to acquire 66.7 per cent shares of Origin Energy Holdings Pty Ltd in OEPNG.
The ICCC, following its assessments of all comments from relevant stakeholders and reasons discussed in the determination, considers that the acquisition would result in increased benefits to the public with the Commitments in the executed Deed Poll as conditions of Authorisation.
The ICCC Commissioner and chief executive officer Paulus Ain stated that: “One such benefit which is important for the consumers of LPG Gas and the energy sector is the requirement on Geogas to increase its import volume.
“The ICCC is confident that this would intensify competition at the domestic markets and consumers will benefit more in terms of lower prices and more volume.
“The ICCC therefore granted a conditional authorisation to Geogas Pacific to proceed with the Proposed Acquisition.
“The ICCC determined that the Condition of Authorisation shall be valid for a period of five years from the date of the authorisation.”
