Sinopec (NYSE: SNP) has signed an agreement with Australian Pacific LNG (APLNG) to buy 4.3 million tons of liquefied natural gas (LNG) per year for a 20 year span, according to a report by China’s CapitalVue.
According to the report, Sinopec is also planning to purchase a 15% stake in APLNG, which is a 50/50 joint venture company between ConocoPhillips (NYSE: COP) and Origin Energy. APLNG is the largest integrated energy company in Australia and currently owns the largest coalbed methane (CBM) reserves in the entire country.
According to Jim Mulva, ConocoPhillips’ chief executive officer, the agreement was given the green light by the Australian government. It is estimated that the deal will be completed and set in 2015.
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