Home / Metal News / Alcoa along with Duet invests 180 million dollars on DBP

Alcoa along with Duet invests 180 million dollars on DBP

iconDec 23, 2014 09:57
Source:SMM
The energy based company, Duet had invested about 144 million dollars and Alcoa is planning on investing about 36 million dollars over two years, in the Dampier Bunbury pipeline.

Author: Paul Ploumis
22 Dec 2014 Last updated at 07:34:53 GMT
WASHINGTON (Scrap Monster): The energy based company, Duet had invested about 144 million dollars and Alcoa is planning on investing about 36 million dollars over two years, in the Dampier Bunbury pipeline. The investment was announced before two months. The fund collected will be used to  pay back the debt, so that the pipeline can get back its existing credit ratings.

The Alcoa had decided to phase schedule the investments on the pipelines, which later resulted in Duet taking hold of the majority hares of the projects, within these two years. The company had taken in charge of more than 80 percent now. The current share of Duet is noted to be 82.1 percent, which would gradually move on back to 80 percent once Alco starts to spend back its share of the cost.

Last month Duet had made an announcement regarding the 397 million dollar entitlement offer, in which the company also stated that, it would invest about 160 million dollars in the Dampier Bunbury pipeline, and that Alcoa, would invest about 40 million dollars in the same project, in a period of 3-5 years. Anyways, since then Alcoa, had decided on speeding up the company’s investment, and now the total amount spent has been reduced from 200 million d0ollars to 180 million dollars.

Duet stated in a declaration that, the invested funds will be applied by the DBP, in order to repay the external senior debt and by doing so will is anticipated to increase the strength of the balance sheet of DBP and also access the global debt capital markets.

 

 

aluminum
alcoa
duet group
pipe lines
debt
shares
stake
declaration

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

SMM Events & Webinars

All