China Petroleum and Chemical Corporation (SNP), aka Sinopec has agreed to increase its stake in the Queensland-based Australia Pacific liquefied natural gas (LNG) project by 10%, taking its share to 25%.
The multibillion Australia Pacific LNG project – formed by Origin Energy Ltd and ConocoPhillips (COP) in September 2008 – is targeted at developing the vast coal-seam gas resources in the Surat and Bowen basins of Australia over the next 30 years. This endeavor also involves the setting up of a transmission pipeline and a multi-train LNG facility on Curtis Island, near Gladstone.
This stake purchase by Sinopec will lower ConocoPhillips and Origin's holdings in the Australia Pacific LNG venture to 37.5% each from 42.5%.
Zacks
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