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Chapman Tripp assisted Vector over the sale of its Kapuni gas treatment plant and related assets. Vector has sold the plant and assets, along with its 50% interest in the Kapuni Energy Joint Venture, to Todd Petroleum Mining Company.
The Kapuni plant processes all the gas produced from the Kapuni field in South Taranaki, while Todd holds the extraction licence for the field.
The Chapman Tripp team led by partners Roger Wallis, Josh Blackmore and Lauren Curtayne, assisted on the sale and Vector’s entry into new long term natural gas and LPG supply agreements with Todd. They were supported by partner Bruce Scott on settlement of outstanding litigation relating to the assets, partner Marie Wisker on employment issues, and partner Bevan Miles and senior associate Edwina Ma on tax.
The team worked alongside Vector’s Associate General Counsel Harriet Blackburn and Senior Legal Counsel Sophie Pettitt.
Partner Roger Wallis said, “We were delighted to support Vector in the sale of these assets.”
“The sale of the plant means that Vector, which serves commercial and residential gas and LPG customers under its Vector OnGas brand, will be an anchor customer of Todd under new commercial supply agreements. It also means Vector and Todd will settle all current litigation relating to Kapuni gas upon completion of the deal.”
The deal is subject to a number of customary conditions including the approval of the Minister of Energy and Resources. Subject to meeting these conditions, the transaction is expected to complete in the second quarter of 2020.