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Sinopec to take APLNG stake in gas deal

February 25, 2011 by  
Filed under Oil News

Chinese state-run Sinopec has signed a preliminary agreement to take up to 199.4 billion cubic feet of liquefied natural gas per annum, over a 20 year period, from the Australia Pacific LNG (APLNG) project in Queensland.

Upstream staff 25 February 2011 04:59 GMT

Under the non-binding agreement Sinopec would also gain a 15% stake in the project, reducing both ConocoPhillips and Orin Energy’s ownership interest to 42.5% each.

ConocoPhillips chief executive Jim Mulva said the agreement with Sinopec was an important milestone for the project.

“With the underpinning of Sinopec, a world-class energy company, along with the recent approval of our [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,” Mulva said at the signing of the heads of agreement in Beijing today.

The announcement comes after the A$35 billion coalbed methane project received final government approval earlier this week, albeit with strict environmental conditions relating to affects on agricultural land and water sources.

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