Australia Pacific LNG and China Petroleum & Chemical Corporation signed a Sale and Purchase Agreement for the supply of 5.9 bcm/year of LNG for 20 years from Australia Pacific LNG’s world-class coal seam gas resources and proposed LNG facility on Curtis Island, Gladstone in Queensland. Australia Pacific LNG and Sinopec International Petroleum Exploration & Production Corporation (subsidiary 100% owned by Sinopec Group) also signed a Subscription Agreement for SIPC to subscribe for a 15% interest in Australia Pacific LNG thereby reducing ConocoPhillips’ and Origin Energy’s ownership interest from 50% to 42.5% respectively. These agreements reflect the commercial terms outlined in the Heads of Agreement signed between Australia Pacific LNG and Sinopec on 25 February 2011. The agreements are subject to approvals by the Chinese Government and in Australia, the Foreign Investment Review Board and are conditional on Australia Pacific LNG reaching a final investment decision.
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