Sinopec Purchases Stake in Australian Pacific LNG

(Beijing) -- China Petrochemical Corporation, or Sinopec Group, said August 9 that it finalized a deal to purchase a 15 percent stake in Australia Pacific LNG (APLNG) for US$ 1.77 billion.

The deal has reduced ConocoPhilips' and Origin Energy's ownership interest in APLNG to 42.5 percent each.

According to the agreement signed between the two parties in February, starting 2015, Sinopec will buy 4.3 million tons of liquid natural gas each year from APLNG for 20 years.