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Sinopec boosts stake in Australian Pacific LNG project
By Richard Fu |
December 12, 2011, Monday
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Online Edition
Online Edition
CHINA Petrochemical Corp has agreed to increase its stake in an Australian liquefied natural gas project and buy more of its output -- underscoring the nation's increasing energy demand.
Sinopec, as China Petrochemical is known, today signed an initial agreement to raise its equity stake in the proposed Australia Pacific LNG project to 25 percent from 15 percent, reducing the ownership of ConocoPhillips and Origin Energy to 37.5 percent each.
Sinopec also agreed to buy an additional 3.3 million tons of LNG per year through 2035 from the project, near Gladstone in Queensland, Australia.
In April, Sinopec signed an agreement with the venture to buy 4.3 million tons of LNG for 20 years starting mid-2015. At the time, Sinopec paid US$1.5 billion for a 15 percent stake.
The price of the next 10 percent won't be revealed until the sales agreement is finalized.
In July, Origin Energy and ConocoPhillips approved the first phase of the US$20 billion two-train Australia Pacific venture, which aims to convert coal seam gas, an unconventional fuel, to LNG for export. Sinopec's latest move is going to clear the way for an investment decision on the second phase.
"We are very pleased to extend our relationship with Australia Pacific LNG, and in doing so, will further assist China and Sinopec to meet its growing energy demands," Sinopec Chairman Fu Chengyu said in a statement today.
Sinopec, as China Petrochemical is known, today signed an initial agreement to raise its equity stake in the proposed Australia Pacific LNG project to 25 percent from 15 percent, reducing the ownership of ConocoPhillips and Origin Energy to 37.5 percent each.
Sinopec also agreed to buy an additional 3.3 million tons of LNG per year through 2035 from the project, near Gladstone in Queensland, Australia.
In April, Sinopec signed an agreement with the venture to buy 4.3 million tons of LNG for 20 years starting mid-2015. At the time, Sinopec paid US$1.5 billion for a 15 percent stake.
The price of the next 10 percent won't be revealed until the sales agreement is finalized.
In July, Origin Energy and ConocoPhillips approved the first phase of the US$20 billion two-train Australia Pacific venture, which aims to convert coal seam gas, an unconventional fuel, to LNG for export. Sinopec's latest move is going to clear the way for an investment decision on the second phase.
"We are very pleased to extend our relationship with Australia Pacific LNG, and in doing so, will further assist China and Sinopec to meet its growing energy demands," Sinopec Chairman Fu Chengyu said in a statement today.
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