Australia Pacific LNG will supply up to 4.3 million tons of LNG per annum to Sinopec, under a new heads of agreement deal that will last 20 years.
Under the terms of agreement, Sinopec will also acquire a 15% ownership interest in Australia Pacific LNG reducing both ConocoPhillips’ and Origin Energy’s ownership interest to 42.5%.
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The agreement was signed between ConocoPhillips, Origin Energy, Australia Pacific LNG and Sinopec.
ConocoPhillips Chairman and CEO Jim Mulva said that with the underpinning of Sinopec and recent approvals of EIS from the Australian authorities, the firm plans to rapidly progress on the project with the first LNG cargo to be delivered in 2015.
