May 22, 2017 Last Updated 8:15 AM, May 22, 2017

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Origin Energy sells Darling Downs pipeline

small pipeline new mexicoAusBNAusBN - Origin Energy (ASX:ORG) has agreed the sale of its Darling Downs pipeline network in Queensland to Jemena Gas Pipelines for AUS$392 million.

The deal with Jemena, owned by State Grid Corp of China and Singapore Power, represents the latest divestment in Origin’s asset sale programme, which was initiated in 2015.

The strategy aimed to raise $800 million through divestment of non-core assets by June 2017.

In a statement following the announcement, Chief Executive Frank Calabria said: "We're on track to achieve our target of adjusted net debt of well below $9 billion by 30 June 2017."

He added that the company was making good progress towards hiving off its gas fields this year.

Bosses at Origin are also creeping towards giving the green light for an initial public offering (IPO) of the business, while considering other offers from gas producers and other firms. 

@AusBNOnline

 

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