It is reported that Sinopec signed to buy 4.3 million tons of liquefied natural gas per year for the next 20 years from Australia Pacific LNG on February 25.

APLNG is a 50:50 joint venture created by Origin Energy and ConocoPhillips. Origin is the largest integrated energy company in Australia and APLNG owns the largest coal bed methane reserves in the island nation.

Sinopec will also purchase a 15% stake in APLNG. Holdings of Origin and ConocoPhillips in APLNG will thus be cut to 42.5% and 42.5% respectively. Mr Jim Mulva CEO of ConocoPhillips said the target project under APLNG was recently approved by the Australian government and will be completed and operational in 2015.

(Sourced from eeo.com.cn)