Latest news with #TomKoutsantonis
Arabian Post
a day ago
- Business
- Arabian Post
Abu Dhabi Consortium Secures Exclusive Santos Due‑Diligence Window
Arabian Post Staff -Dubai Santos has granted a six‑week exclusive due‑diligence period to a consortium led by Abu Dhabi's National Oil Company, signalling serious progress towards its A$36.5 billion takeover proposal. The consortium, comprising ADNOC's investment arm XRG, Abu Dhabi Development Holding Company and private equity investor Carlyle, has placed an all‑cash offer of A$8.89 per share—representing a roughly 28 per cent premium on Santos's previous closing price. Santos's board is prepared to endorse the deal, pending satisfactory outcomes from due diligence, no better competing bids and approval by an independent fairness expert. ADVERTISEMENT Should the offer proceed, it would mark Australia's largest-ever all‑cash corporate takeover and rank among the top three transactions nationally—holding an enterprise value near A$36.4 billion. The acquisition targets Santos's LNG assets, including Australia's Gladstone and Darwin facilities, plus substantial interests in Papua New Guinea's LNG project and the forthcoming Papua LNG development. XRG aims to build an integrated gas and LNG portfolio capable of delivering 20–25 million tonnes annually by 2035. Adhering to regulatory requirements, the consortium has signed confidentiality agreements and secured exclusive negotiating rights for this due‑diligence phase. Santos's management is forecasting a binding scheme implementation agreement before enabling a shareholder vote needing at least 75 per cent support, as per Australian scheme‑of‑arrangement rules. Shareholder approval will depend on a legal and financial assessment of the offer's fairness. While the consortium has pledged to maintain Santos's Adelaide headquarters, preserve local employment, and continue momentum on major projects like the Barossa LNG development and Moomba carbon‑capture initiative, significant regulatory scrutiny lies ahead. National oversight will involve multiple bodies: Australia's Foreign Investment Review Board, ACCC, ASIC, and National Offshore Petroleum Titles Administrator; Papua New Guinea's Securities and Competition commissions; and the US Committee on Foreign Investment due to Santos's cross-border interests. Analysts caution that the central risk is FIRB rejection, given Santos's control over critical gas infrastructure. Potential remedies, like spinning off assets, may invite legal and decommissioning complexities. South Australian state officials, including Premier Peter Malinauskas and Energy Minister Tom Koutsantonis, have highlighted the importance of protecting domestic jobs, the company's base, and energy security—leveraging recent legislative powers to oversee licence transfers. The political backdrop complicates matters, with Treasurer Jim Chalmers in caretaker mode ahead of a potential election. His decision will pivot on FIRB advice and the national interest implications. Santos has endured pressures in recent years, including a near‑16 per cent drop in annual profit and a 41 per cent dividend cut in 2024. It also abandoned merger negotiations with Woodside that would have created an A$80 billion energy entity. The consortium's revised offer follows an initial A$8.00 bid in March, raised to A$8.60 later that month, and now stands at A$8.89—reflecting sustained negotiations and valuation uplifts. Should the agreement proceed, final receipt of regulatory and shareholder clearances could extend into early 2026. This transaction underscores ADNOC's growing appetite for strategic LNG assets in the Asia‑Pacific region and exemplifies broader Middle Eastern investment trends in global energy infrastructure. The outcome will influence the balance of power in Australia's evolving LNG market and set significant precedents for future foreign investment decisions.
ABC News
2 days ago
- ABC News
Uncertain future for historic Eyre Peninsula jetties due to coastal erosion costs
A year after Tumby Bay residents celebrated the town's reopened jetty with a freezing early morning winter solstice swim, the jetty's future is as uncertain as ever. Today marks the day the District Council of Tumby Bay officially hand back responsibility of Tumby Bay and Port Neill's jetties to the state government. The council made the decision to terminate the lease of their town's jetty a year earlier than anticipated. "The spending and works required to maintain the jetty is not in the sustainable financial capacity of our ratepayers — you the community," Mayor Geoff Churchett wrote in a letter to residents on June 5. It marks a tough week for jetties in South Australia, with king tides, rain and strong winds destroying the Robe, Kingston and Normanville jetties in the state's south-east on Tuesday. In Tumby Bay, an estimated $4.7 million of funding is required to repair the jetty, which was built in 1874 and rebuilt in 1999. In February, the state government offered $2.4 million to fix the jetty in a 50-50 funding deal with the council, under the SA Jetties Renewal Program, which the council rejected due to financial constraints. The decision drew the ire of state Transport Minister Tom Koutsantonis. "The state government has advised the Tumby Bay Council that this jetty remains the responsibility of council unless or until it returns it in an appropriate condition," he said. The state government has contacted council requesting a report on previous works on the jetty, due by Monday. The Tumby Bay community has seen this episode before. The Port Neill jetty was built in 1912, while Tumby Bay's jetty was built in 1874, and re-built in 1999. The community banded together in 1972 to save a section of the jetty. About 400 people gathered at the jetty to protest against its closure in February 2024, before the Tumby Bay Progress Association raised $75,000, which went towards repairs. "There's a lot of apprehension and a lot of unknown and I supposed that's what scares everybody — the unknown," says local Dion LeBrun, who is a part of the Progress Association that raised funds to help the re-opening last winter. "We're all concerned about what the next steps are going to be." Tumby Bay is not the only council struggling in this space. Local governments from around the country converged on Canberra this week for the National General Assembly of Local Government. The impact of coastal erosion means much-loved and historic jetties around SA are becoming more expensive than ever to fix — a topic expected to feature in many of conversations in Canberra this week. "Jetties are a hot topic for us as a state and we'll continue to keep that advocacy piece going," said Jo-Anne Quigley, Mayor of the District Council of Lower Eyre Peninsula, which leases several jetties, including one still in commercial operation at Coffin Bay. "We all know the social impacts of jetties for our communities and for visitors and tourism, so we feel it's a really important conversation. "We understand and accept the leases are from a state perspective, but the federal government needs to step up and give some more money to the states so we can keep our jetties renewed and in the condition that they need to be in." Local resident Robert Randall moved to Tumby Bay in 2017 to be closer to his children and grandchildren. He is a spokesperson for the For the People group, and is critical of the council's decision to reject the funding offer. "My position all along is that the community would have been better off matching the $2.4 million that the government put up, and then we would have had a new jetty for 15 years, which is what the minister advised it would cost," he said. "My latest concern now is that this week we've lost three or four jetties in SA, so have we lost any opportunity of getting that $2.4 million from the government? I don't know." Mayor Churchett echoed the sentiments of constituents and state government in saying the future was uncertain. "We don't know at this stage what's going to happen," he said. "We just want to sit down and talk see if there's a way we can resolve this that's going to suit us all — the state government, local government and the people."
Yahoo
2 days ago
- Automotive
- Yahoo
Controversial road rule change set to impact over a million Aussies from July
They're a controversial mode of transport, but from next month, private e-scooters and other electronic mobility devices will be allowed on public roads and even footpaths in one state. The major road rule change is set to be formally rolled out in South Australia from July 13, impacting the state's 1.8 million residents. It is aimed at easing traffic congestion and providing commuters with more travel options. Announcing the plan, the state's Transport Minister Tom Koutsantonis said e-scooters, e-skateboards, e-bikes and other e-mobility devices can now be legally used for people over the age of 16, provided they travel at a maximum of 10 kilometres per hour on footpaths, beaches and shared pathways. E-scooters will be permitted on the state's roads with speed limits of 60 kilometres per hour or less, but, they are only allowed to do so in the bike lanes with speeds of 25kph or less. "The state government has taken its time because we want to get this right," Koutsantonis told media. Councils push for more $136 fines for 'dangerous' footpath act Photos reveal crackdown targeting e-bike problem Call for e-bike ban after pregnant Aussie mowed down in city "The reason we've taken our time is because this is new technology, and I believe it's going to be embraced. This is a great way of people being able to access carbon-free transport, it's being embraced by young people ... it is a cost-effective way of travelling." Helmets must be worn and drivers must be cautious of regular road rules, though no licence or registration will be needed for e-devices at this stage. Electric mobile devices have become increasingly popular in Australia in recent years, but their rapid rise has sparked controversy in many regions due to safety, regulatory, and urban planning concerns. One of the biggest points of contention is their use on footpaths and roads. In many states, rules differ—some allow e-scooters on bike lanes or roads, while others limit them to specific trial zones. This patchwork of laws has created confusion among users, pedestrians, and law enforcement alike. Many say their use is underregulated, with accountability in the event of accidents frequently cited as a major concern, particularly due to the fact that the devices are often ridden without helmets, at night, or by inexperienced users, increasing risk. Clutter caused by e-scooters and bikes, which are often left lying on footpaths, in parks, or across driveways, is also another issue regularly raised. Though advocates argue that e-devices reduce car dependence and carbon emissions, create a more pedestrian-friendly environment, and reduce traffic levels in big cities. Bicycle NSW CEO Peter McLean argued there are several key benefits of e-bikes, emphasising their role in sustainable and efficient transport. Speaking to Yahoo, he earlier praised the devices for reducing carbon emissions, as they offer a cleaner alternative to cars, particularly for short commutes. He said e-bikes are also more energy-efficient than traditional motor vehicles, contributing to greener cities and reduced traffic congestion. SA isn't the first state to introduce these laws — public use has already been legalised in Queensland, New South Wales, the ACT, and Tasmania. "It's going to take a bit of time as well to educate the public about the roll-out of these e-scooters, so the government's beginning an awareness campaign to let people know what the rules are," Koutsantonis said. "We'll be conducting a review 12 months from now just so we can tweak this if we need to." Do you have a story tip? Email: newsroomau@ You can also follow us on Facebook, Instagram, TikTok, Twitter and YouTube.
ABC News
2 days ago
- Automotive
- ABC News
SA government changes road rules to allow use of e-scooters and other personal mobility devices
Private e-scooters and other electronic mobility devices will be allowed on some public roads and footpaths in South Australia from next month, under strict rules. Advocates say it will ease congestion and give commuters more flexibility, but others remain worried about public safety. From July 13, e-scooters, e-skateboards and other e-mobility devices can be legally used for people over 16 under certain conditions. Riders of all devices can travel at no more than 10 kilometres per hour on footpaths, beaches and shared pathways. E-scooters will be allowed on roads with speed limits of 60kph or less but can only travel in the bike lane and only at speeds of 25kph or less. Helmets will have to be worn, and riders will need to steer clear of drugs and alcohol, extra passengers and using their phone while driving. Transport Minister Tom Koutsantonis said to assist with the law changes, a campaign will be run for people to learn the rules. "The state government has taken its time because we want to get this right," Mr Koutsantonis said. "The reason we've taken our time is because this is new technology and I believe it's going to be embraced. Prior to this move, e-scooters were legal to operate on private properties but not on public roads. Riders will not need a licence or registration for their personal mobility device. Other devices including e-skateboards and e-solo-wheels will be allowed on roads where the limit is 50kph or less, and must travel at 25kph or slower. E-scooters were first introduced in Adelaide in early 2019 where the company Lime offered them to use for trial — which was then followed by companies Beam and Ride. South Australia is not the first state to introduce the laws, Queensland, New South Wales, the ACT and Tasmania have already legalised public use. Mr Koutsantonis said there would be hefty consequences for those who did not follow the rules, including fines and potential loss of demerit points. "We want to keep people safe … and I think there is going to be a rush to use these devices," he said. "It's going to take a bit of time as well to educate the public about the roll-out of these e-scooters so the government's beginning an awareness campaign to let people know what the rules are. "Also, just to make sure we've got it right, we'll be conducting a review 12 months from now just so we can tweak this if we need to." RAA Senior Manager Safety and Infrastructure Charles Mountain said he believed the change is something that the community wanted. "Being able to legally ride these devices on the road now is a great step forward," he said. "I think the other critical part about this is the age limit that's been put in place … so potentially this provides the opportunity for school students, for example, to take short journeys to and from school legally." Under the new laws, e-scooters and personal mobility devices will not be permitted on public transport, including buses, trains and trams. While many have welcomed next month's changes, some members of the public remain concerned about public safety. Peter Aspinall is vision-impaired and uses a cane. He said e-scooters are hazardous on footpaths. "People like me don't see them until we walk into them," he said. "We injure ourselves and then it becomes a doctor's scenario ... I think it's ridiculous." However, Isabel Martin said it will have a positive impact on the environment. "It's a carbon-neutral way in doing it, it's really positive, as long as there are restrictions and ways in which people can slow down, make sure we're not causing congestion." Students Jett Pearce and Pat Dewing said it would help young people get around the city and to school. "I'd say it's a good way of getting around if you don't have a car and getting to school," Pat said. "I reckon that'd be pretty good for the people that live around Adelaide and [find] it hard to get around," Jett said. "I don't have my full licence yet so it would make it easy."
ABC News
20-06-2025
- Business
- ABC News
Activists concerned as SA government offers South East for gas exploration
The South Australian government has offered land for onshore gas exploration in a move that has angered activists in a key agricultural region. The government is offering exploration licenses for the Otway Basin in the state's South East and Polda Basin on the Eyre Peninsula. SA Energy and Mining Minister Tom Koutsantonis said the Cooper Basin and parts of the state's west also had the potential for gas extraction. "We're very keen to try and exploit that as much as we possibly can to try and put downwards pressure on prices and back up our renewable-generation fleet," he said. But the potential for exploration on the Otway Basin is a cause of concern for activists in the South East, where a 10-year moratorium on fracking will be in place until 2028. Limestone Coast Protection Alliance chair Angus Ralton, who was part of the initial opposition to fracking, said he was "disappointed" in the direction the government was heading. "The climate crisis is only accelerating and governments need to be moving away from fossil fuel," he said. The acreage releases come as the Australian Energy Market Operator (AEMO) projects a shortfall in gas supply for south-east Australia from 2029. Mr Koutsantonis said renewables were sufficient "90 per cent of the time, even 95 per cent", but gas peaking plants were still needed as back-up. "Gas is an important fuel for firming our renewable resources by having reliable gas-fired generators," he said. "The more gas you have in the system, the more industry you have and the more prices drop in the National Electricity Market. "[The south-east is] an area with existing infrastructure, so it'd be cheaper to restart. "It's got distribution with the SEA Gas pipeline, which gets us to the Victorian market and the South Australian market, so there's lots going for it." Australian company Beach Energy mothballed its Katnook processing plant near Penola in 2022. "While no decisions have been made regarding the South East, Beach holds tenure close to significant infrastructure in the region and the delivery of local gas to market aligns with Beach's vision to become Australia's leading supplier of domestic gas," a Beach spokesperson said. Mr Koutsantonis said SA farmers were struggling financially in the midst of a drought and that reducing energy prices by increasing gas supply was a way to provide relief. "The drought's having a real-life impact, especially on farming communities, and a lot of people rely on industry," he said. Ken Baldwin from the Australian National University said the shortfall required action by the government to secure supply. "This could come through a number of means — by increasing the amount of gas that is produced in the district, reduce the amount of demand in the region … or to implement a gas reservation policy," he said. "As we move forward and decarbonise the economy we need to really be focusing on reducing the demand in the first instance and, if all else fails, increase the amount of supply to match the diminishing gas reserves by finding new sources of gas." Professor Baldwin said there were very few industries that could not switch to electrical forms of energy supply. "That's a very small fraction of the total demand," he said. Mr Ralton said the alliance planned to raise its concerns with the state government. "We would urge the government to reconsider their position … and not take this any further," he said. Department for Energy and Mining chief executive Paul Martyn said staff had "extensively engaged" with the community. "We've, I think, got a very good understanding of the community's views," he said. "We will expect any company that's undertaking exploration in the area to thoroughly engage with the community and to meet the highest standards." Mr Koutsantonis said community sentiment was taken into account. "Those activists didn't want fracking, so there'll be no fracking in the South East," he said. "They argued you can extract gas conventionally — this is exactly what that is." Mr Koutsantonis said the government considered fracking in the region to be "finished as a concept". "We have no plans to allow fracking in the South East," he said.
