ORIGIN Energy will push ahead with an investment decision on the second stage of its Gladstone LNG project after formalising a $US1.1 billion ($1.05bn) deal with China, shrugging off industry concerns about future demand and falling gas prices.
The agreement will see Sinopec increase its interest in the Australia Pacific LNG venture from 15 per cent to 25 per cent.
The state-owned Chinese company will also buy a further 3.3 million tonnes of LNG annually for 20 years, taking its total commitment to 7.6 million tonnes a year.
Origin said the offtake deal was the largest LNG supply agreement in Australian history.
The Australian
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