Sinopec Buys Into Australia Pacific LNG

China Petrochemical Corp., the nation’s second largest oil and gas company, agreed to take a 15 percent of Australia Pacific LNG Pty and buy liquefied natural gas from the company.

Sinopec Group, as China Petrochemical is known, didn’t disclose the value of the deal.

Australia Pacific will supply as much as 4.3 million metric tons of LNG annually for 20 years to Sinopec Group under the agreement.

The Australian company is a joint venture between ConocoPhillips and Origin Energy Ltd. to develop coal-seam gas and LNG, with the agreement cutting the stake of each company to 42.5 percent.

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