China Petroleum & Chemical Corp., or Sinopec, Beijing, (CH: 600028; HKEX: 386; NYSE: SNP; London: SNP) has signed on for the supply of 4.3 million tonnes per annum of liquified natural gas (LNG) for 20 years from Australia Pacific LNG Pty. Ltd.'s world-class coalseam gas resources and proposed LNG facility on Curtis Island, Gladstone in Queensland.
Australia Pacific LNG and Sinopec International Petroleum Exploration & Production Corp., a subsidiary 100% owned by Sinopec Group, also signed a subscription agreement for SIPC to subscribe for a 15% interest in Australia Pacific LNG thereby reducing ConocoPhillips' and Origin Energy's ownership interest from 50% to 42.5% respectively.
These agreements reflect the commercial terms outlined in the Heads of Agreement signed between Australia Pacific LNG and Sinopec on Feb. 25. The agreements are subject to approvals by the Chinese government and in Australia, the Foreign Investment Review Board and are conditional on Australia Pacific LNG reaching a final investment decision.
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