China’s Sinopec increases stake in AP LNG to 25%

16 July 2012 04:43  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinopec announced on Monday that it has completed on 12 July the acquisition of an additional 10% stake in Australia Pacific LNG (AP LNG) for $1.1bn (0€0.9bn), increasing its total stake in the Queensland-based firm to 25%.

Thus, ConocoPhillips and Origin Energy’s stakes in AP LNG have been reduced to 37.5% each from 42.5%, Sinopec said in a statement.

In addition, Sinopec will buy an additional 3.3m tonnes/year of LNG from AP LNG for 20 years, bring the total purchase to 7.6m tonnes/year starting from 2016, according to the statement.

Sinopec and AP LNG inked a framework agreement in December 2011 about increasing Sinopec’s stake and about LNG supply from AP LNG.

($1 = €0.82)

By: Fanny Zhang
+65 6780 4359

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