Market Chatter: Alcoa to Provide Up to $30 Million in Funding for Western Gas Project Offshore Western Australia
MT Newswires Live
Yesterday
Alcoa (ASX:AAI) and Western Gas signed a deal for funding of up to $30 million to help develop Western Gas' Equus gas project in the North West Shelf region offshore Western Australia, the Australian Financial Review said in a Tuesday report.
The funds will cover project development costs through to a final investment decision, and another deal gives Alcoa the exclusive right to buy 50 terajoules of gas per day over 10 years.
Western Gas is expected to launch an initial public offering on the ASX in the year ahead, per the report.
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