Sinopec signs dotted line at APLNG

Sinopec has firmed up a deal to take a 15% stake in the Australia Pacific LNG project.

The move is likely a key step toward coming sanction of the Queensland coalbed methane-to-LNG project.

The binding US$1 billion deal will see the stakes of original APLNG partners – US supermajor ConocoPhillips and Australia’s Origin Energy – shrink down to 42.5% each.

The pact also includes a supply agreement, with Sinopec buying 4.3