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Yanks raid Aussie water market

Posted by: Aqua Blog Maven on March 31, 2009 at 11:28 am

From the Australian Weekly Times Now:

A major US-backed company is scooping up irrigators’ entitlements as part of a $500 million global water-purchasing strategy.

California-based Summit Global Management has so far bought about $20 million of Australian irrigators’ water through its local interests. Summit Global’s chief marketing officer Matt Dickerson said “there were few areas where we can execute our strategy, but Australia is one of them. There’s a need for liquidity in the market and we’re in a position to monetise these assets and act as a water bank as well.”

However, the US-backed company will have to compete with the Federal Government for high-reliability water entitlements in an already thin market.

Mr Dickerson said Summit was aware of the Federal Government’s water-purchasing program for the environment. “But our intention is to lease it (water) back to farmers,” he said. “We’re trying to be partners with farmers.”

Read more from Weekly Times Now by clicking here.

March 31, 2009 · Filed Under International Water Issues

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