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Guide Chem Australian gas pipeline operator APA Group Monday unveiled a recommended A$130 million ($94 million) cash takeover offer for Ethane Pipeline Income Fund, which owns a gas pipeline that runs from the Cooper Basin to the east coast city of Sydney.

The pipeline currently transports ethane from the Moomba gas processing facility in central Australia to a petrochemicals facility operated by Qenos at Botany, under a long-term contract that runs utnil 2030.

In the longer term, the pipeline has the potential to be converted to transport crude oil from fields in the Cooper Basin.

"The addition of the ethane pipeline to APA Group's portfolio of assets will extend and further diversify APA Group's investment in related energy infrastructure," said APA Chairman Len Bleasel.

"It also enables APA Group to expand our footprint into transporting alternate fuels, including potentially liquids in the longer term."

Ethane Pipeline Income Fund is an investment vehicle that is externally managed through APA under a services agreement.