CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

Sinopec ups stake in Australia Pacific LNG project

12-12-2011 09:41 BJT

SYDNEY, Dec. 12 (Xinhua) -- Australia's integrated energy company Origin Energy announced on Monday that China Petrochemical Corp (Sinopec) has agreed to increase a 10 percent equity interest in Origin and U.S. energy giant ConocoPhillips' joint venture Australia Pacific liquefied natural gas (LNG) project.

Sinopec has signed a agreement with Australia Pacific LNG that will see its stake in the project rise from 15 percent to 25 percent, Origin said.

"This agreement will reduce Origin energy's and Conocophillips' ownership interest to 37.5 percent respectively," Origin said in a statement on Monday.

Under the agreement, Sinopec will buy an additional 3.3 million tons a year of LNG through 2035 from the project.

That followed an earlier agreement for the sale of 4.3 million tons a year for 20 years from 2015.

The sale agreement would complete the marketing for the second train of the Australia Pacific LNG project, Origin said.

"The agreement with Sinopec represents another significant step for Australia Pacific LNG project and is testament to the strength of the project," Origin Chairman Kevin McCann said in the statement.

"To that end, we are well placed to make a final investment decision on the second train in early 2012."

Related stories

Editor:Zhang Hao |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program