Gladstone On The Move

APLNG and Sinopec sign HOA for LNG supply and 15% equity interest

Australia Pacific LNG Pty Ltd and Sinopec have signed aHeads of Agreement establishing non-binding key commercial terms for the supply of up to 4.3 million tonnes per annum of LNG for 20 years and for Sinopec to subscribe for a 15% ownership interest in Australia Pacific LNG, thereby reducing both ConocoPhillips' and Origin Energy's ownership interest to 42.5%.

Under the Heads of Agreement, Australia Pacific LNG and Sinopec intend to incorporate the agreed-upon non-binding key commercial terms into binding agreements in the near future.

Chairman and CEO of ConocoPhillips, Mr Jim Mulva said the Heads of Agreement was an important milestone for Australia Pacific LNG. "We look forward to welcoming Sinopec into the Australia Pacific LNG project as an equity partner and foundation buyer of LNG. With the underpinning of Sinopec, a world-class energy company, along with the recent approval of our EIS by the Australian authorities, we now expect to rapidly progress the project to sanction, with the first LNG cargo to be delivered in 2015," he said.

Australia Pacific LNG Pty Limited is a joint venture between Origin Energy Limited and ConocoPhillips. The Australia Pacific LNG project includes the development of Australia Pacific LNG's substantial coal seam gas resources in the Surat and Bowen Basins over a 30-year period, a 450 km transmission pipeline, and a multi-train LNG facility on Curtis Island, near Gladstone.




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