Dec. 12 (Bloomberg) -- China Petrochemical Corp., Asia’s biggest
refiner, agreed to increase its stake in an Australian liquefied natural gas
project led by ConocoPhillips and Origin Energy Ltd. for an estimated $1
billion.
Sinopec Group, as the company is called, signed an initial
accord to acquire a further 10 percent of the venture, Sydney- based Origin said
in a statement today. Sinopec Group, which agreed to pay $1.5 billion for 15
percent of the project in April, will also buy an extra 3.3 million metric tons
of LNG a year through 2035, clearing the way for an investment decision on the
second phase of the $20 billion Queensland state venture.
The Chinese government aims to more than double the use of
natural gas to cut reliance on coal and oil. The country is increasing its LNG
imports as it develops unconventional sources such as shale gas, said Ivor Ries,
an analyst at E.L. & C. Baillieu Stockbroking Ltd.
Bloomberg Business Week
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