APA Group receives backing for $3B gas pipeline

• The Queensland government declared APA Group's proposed $3 billion gas pipeline a coordinated project.
• Following the announcement, APA Group's share price traded down at $10.90.
• The infrastructure aims to connect Northern Territory gas reserves to eastern Australian and LNG export markets.

APA Group (ASX:APA) secured coordinated project status from Queensland for its proposed $3 billion Beetaloo gas pipeline.

The existing Northern Gas Pipeline currently lacks the capacity needed to transport large gas volumes to eastern markets.

Queensland designated the 899-kilometre North-to-East Australia Pipeline project to streamline the required regulatory approval process.

The Queensland government stated that the project could supply 600 terajoules daily while supporting 800 construction jobs.

APA stated that it targets a final investment decision by 2028 and planned construction commencement in 2029.

Following the announcement, the APA Group share price was down at $10.90.

The infrastructure company operates gas pipelines, electricity transmission, and solar generation assets across Australia.