Xinhua reported that China Petrochemical Corp, known as Sinopec Group has signed a deal with Australia Pacific LNG Pty Ltd to purchase 7.6 million tons of liquefied natural gas annually for 20 years from 2016 from APLNG gas reserves in Queensland.

According to a statement the purchase amount is up from the 4.3 million tons the two companies had agreed to in April. Meanwhile, the group reached a subscription agreement with APLNG to raise its stake in APLNG to 25% from 15% while ConocoPhillips and Origin Energy stakes will fall to 37.5% respectively.

The subscription agreement is subject to approvals by the Chinese government and Australia Foreign Investment Review Board. APLNG is a three-way joint venture and currently meets 40% of Queensland natural gas demand.

(Sourced from Xinhua)