ID :
149461
Thu, 11/11/2010 - 02:53
Auther :
Shortlink :
http://m.oananews.org//node/149461
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Port of Brisbane sold for $2.1 billion
The Queensland government has sold off another business under its controversial
privatisation program, adding $2.1 billion to the state's coffers.
Treasurer Andrew Fraser announced the Port of Brisbane had been sold to the Q Port
Holdings Consortium on Wednesday afternoon, saying the transaction represented real
value for taxpayers.
Mr Fraser said not only had the new owner agreed to finance a future $200 million
upgrade of the Port of Brisbane Motorway, taxpayers would also avoid expected
infrastructure expansions worth up to $1 billion.
The consortium beat out one other bidder for the 99-year lease of the port in a
competitive process that met the government's price expectations of $2 billion to
$2.5 billion, he said.
"Together with the deal that we've negotiated for them to fund the upgrade of the
road, $2.3 billion is right in the middle of the price range that we indicated," Mr
Fraser said.
"Obviously that's a transaction which I believe is of value to Queensland taxpayers."
Mr Fraser said the consortium would be a capable owner, with interests already in
eight ports around the world.
The Bligh government's assets sell-off has been blamed for its falling popularity.
The opposition claims the government hoodwinked voters by announcing the sales
shortly after winning the 2009 election.
But the government says the sales are needed to fund its building program, protect
jobs and return the budget to surplus.
Opposition Leader John-Paul Langbroek said the price achieved for the port was too low.
"This is clearly a gruesome outcome for the people of Queensland," he told reporters.
"Another asset flogged off to pay for Labor's economic mismanagement."
Queensland's forestry business has already been sold and its rail freight business,
QR National, is on track to be floated on the stock exchange on November 22.
The government also plans to lease the Abbot Point Coal Terminal and Queensland
Motorways' tolling rights.
Q Port Holdings includes major stakeholders Global Infrastructure Partners (GIP),
Industry Funds Management (IFM) and funds managed by QIC Limited and a minority
stake held by Tawreed Investments - a wholly-owned subsidiary of the Abu Dhabi
Investment Authority (ADIA).
privatisation program, adding $2.1 billion to the state's coffers.
Treasurer Andrew Fraser announced the Port of Brisbane had been sold to the Q Port
Holdings Consortium on Wednesday afternoon, saying the transaction represented real
value for taxpayers.
Mr Fraser said not only had the new owner agreed to finance a future $200 million
upgrade of the Port of Brisbane Motorway, taxpayers would also avoid expected
infrastructure expansions worth up to $1 billion.
The consortium beat out one other bidder for the 99-year lease of the port in a
competitive process that met the government's price expectations of $2 billion to
$2.5 billion, he said.
"Together with the deal that we've negotiated for them to fund the upgrade of the
road, $2.3 billion is right in the middle of the price range that we indicated," Mr
Fraser said.
"Obviously that's a transaction which I believe is of value to Queensland taxpayers."
Mr Fraser said the consortium would be a capable owner, with interests already in
eight ports around the world.
The Bligh government's assets sell-off has been blamed for its falling popularity.
The opposition claims the government hoodwinked voters by announcing the sales
shortly after winning the 2009 election.
But the government says the sales are needed to fund its building program, protect
jobs and return the budget to surplus.
Opposition Leader John-Paul Langbroek said the price achieved for the port was too low.
"This is clearly a gruesome outcome for the people of Queensland," he told reporters.
"Another asset flogged off to pay for Labor's economic mismanagement."
Queensland's forestry business has already been sold and its rail freight business,
QR National, is on track to be floated on the stock exchange on November 22.
The government also plans to lease the Abbot Point Coal Terminal and Queensland
Motorways' tolling rights.
Q Port Holdings includes major stakeholders Global Infrastructure Partners (GIP),
Industry Funds Management (IFM) and funds managed by QIC Limited and a minority
stake held by Tawreed Investments - a wholly-owned subsidiary of the Abu Dhabi
Investment Authority (ADIA).
