Sinopec increases stake in APLNG to 25%
Updated: 2012-07-14 14:58
BEIJING - The China Petrochemical Corp, also known as the Sinopec Group, said Friday that it has completed a deal with Australia Pacific LNG Pty Ltd that will increase Sinopec's stake in the company by 10 percent.
The Chinese oil giant now holds a 25-percent stake in the Australia-based joint venture, while stakes held by ConocoPhilips and Origin will both drop to 37.5 percent from their previous 42.5 percent.
According to an agreement inked in December 2011, the Sinopec Group will acquire 34.8 trillion liters in APLNG's proved plus probable (2P) reserves and 43.6 trillion liters in proven, probable and possible (3P) reserves.
The oil giant has also promised to buy 7.6 million tons of liquefied natural gas annually for 20 years starting in 2016 from APLNG's gas reserves in Queensland.
The Sinopec Group said the move will help the company diversify its natural gas supply channels so as to meet China's rising market demand.
APLNG is a three-way joint venture and currently meets 40 percent of Queensland's demand for natural gas.
- BYD exports three electric cars to Thailand
- Grid gets first jolt of residential solar power
- US now largest buyer of China's exports
- China's outbound M&As on the rise
- Tobacco control may entail price, tax rises
- Quanzhou becomes pilot financial reform zone
- New automobiles shine at Geneva Motor Show
- World's longest high-speed rail 'on track'
- Jiugui Liquor involved in plasticizer scandal again
- Accident reignites school bus safety concerns
- China to revise labor law
- Trademark registration under scrutiny
- Dinner ban takes toll on liquor firms
- CIC tables bid for London's Chiswick Park
- Property buyers eye overseas market
- Call for law to protect personal information
- China to cut train ticket prices
- Christmas business
- Solar industry to get jolt from new policies
- KFC chicken under spotlight
Survey & Comments
