Sinopec official APLNG partner

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SINOPEC has officially become the Australia Pacific LNG joint venture’s partner and foundation customer after all conditions for the 4.3 million tonne per annum offtake deal were met.

APLNG partner Origin Energy said the agreement for Sinopec’s acquisition of a 15% ownership interest in the project was completed today, while all the conditions for the sale of 4.3MMtpa to the Chinese major had also been met.

The APLNG JV signed the binding offtake agreement with Sinopec in April. Along with taking 4.3MMtpa of LNG starting in 2015, Sinopec will pay $US1.5 billion for a 15% stake in the project.

The investment reduces Origin’s and ConocoPhillips’ stakes in the project to 42.5% each and also reduces the funding requirements by the two companies by $US1.765 billion.

The APLNG JV made a final investment decision on the first phase of the two train Australia Pacific LNG project last month.
The $US14 billion first phase of the project initiates the development of the first 4.5MMtpa LNG train with infrastructure to support a second train. The offtake deal with Sinopec underpins the first train.

The full two train project will have a capacity of 9MMtpa and cost $US20 billion, including $2.5 billion for contingencies ($1.7 billion for the first train).


Tuesday, 9 August 2011
energynewspremium.net

SINOPEC has officially become the Australia Pacific LNG joint venture’s partner and foundation customer after all conditions for the 4.3 million tonne per annum offtake deal were met.

APLNG partner Origin Energy said the agreement for Sinopec’s acquisition of a 15% ownership interest in the project was completed today, while all the conditions for the sale of 4.3MMtpa to the Chinese major had also been met.

The APLNG JV signed the binding offtake agreement with Sinopec in April. Along with taking 4.3MMtpa of LNG starting in 2015, Sinopec will pay $US1.5 billion for a 15% stake in the project.

The investment reduces Origin’s and ConocoPhillips’ stakes in the project to 42.5% each and also reduces the funding requirements by the two companies by $US1.765 billion.

The APLNG JV made a final investment decision on the first phase of the two train Australia Pacific LNG project last month.
The $US14 billion first phase of the project initiates the development of the first 4.5MMtpa LNG train with infrastructure to support a second train. The offtake deal with Sinopec underpins the first train.

The full two train project will have a capacity of 9MMtpa and cost $US20 billion, including $2.5 billion for contingencies ($1.7 billion for the first train).


Tuesday, 9 August 2011
energynewspremium.net