Sinopec takes stake in Australia Pacific LNG

摘要

Australia Pacific LNG has signed a binding agreement to supply Chinese state-owned giant Sinopec with 4.3 million mt/year of LNG from its proposed coalseam gas-based project on Curtis Island in the east coast city of Gladstone. Sinopec has also agreed to take a 15% interest in Australia Pacific LNG for a net consideration of $1.5 billion. The deal would reduce Australia's Origin Energy and US oil major ConocoPhillips' stakes in the project to 42.5% each, from 50% currently.