Sinopec Deal Lifts Oz APLNG

摘要

China's Sinopec has joined the Australian LNG race, signing a heads of agreement with Australia Pacific LNG (APLNG) to lift up to 4.3 million tons/yr of LNG for 20 years and acquire a 15% interest in the project. The deal would cut the stakes of ConocoPhillips and Origin Energy to 42.5% each. The deal is nonbinding and commercial terms have still to be settled, but it is a major boost for the project, since offtake deals for APLNG's 9 million ton/yr coalbed methane (CBM)-fed LNG plant are a must before it can take a final investment decision. “With the underpinning of Sinopec, a world-class ener- gy company, along with the recent approval of our EIS [environmental impact statement] by the Australian authorities, we now expect to rapidly progress the project to sanction, with the first LNG cargo to be delivered in 2015,” Conoco CEO Jim Mulva said. The Australian government gave environmental approval to APLNG last week (IOD Feb.23,p7).