Comments() 
Print 
Mail 
Large Medium SmallBEIJING - 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.
Copyright 1995 - 2010 . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 20100000002731 
