Global Processing

Sinopec to increase stake in Australian liquefied natural gas project

December 12, 2011

SYDNEY, Australia — China Petrochemical Corp., also known as Sinopec Group, has announced plans to invest $1 billion to increase its stake in an Australian liquefied natural gas project led by ConocoPhillips and Origin Energy Ltd., Bloomberg reported.

Sinopec Group signed an initial accord to buy a further 10 percent of the venture.

The company, which agreed to pay $1.5 billion for 15 percent of the project in April, will also purchase an extra 3.3 million metric tons of liquefied natural gas a year through 2035.