Latest News:  
Beijing   Thundershower/Overcast    28 / 22 ℃  City Forecast

Home>>China Business

Sinopec increases stake in APLNG to 25 pct


11:02, July 14, 2012

BEIJING, July 13 (Xinhua) -- The China Petrochemical Corp., also known as the Sinopec Group, said Friday that it has completed a deal with Australia Pacific LNG Pty. Ltd. (APLNG) that will increase Sinopec's stake in the company by 10 percent.

The Chinese oil giant now holds a 25-percent stake in the Australia-based joint venture, while stakes held by ConocoPhilips and Origin will both drop to 37.5 percent from their previous 42.5 percent.

According to an agreement inked in December 2011, the Sinopec Group will acquire 1.23 trillion cubic feet in APLNG's proved plus probable (2P) reserves and 1.54 trillion cubic feet in proven, probable and possible (3P) reserves.

The oil giant has also promised to buy 7.6 million tonnes of liquefied natural gas annually for 20 years starting in 2016 from APLNG's gas reserves in Queensland.

The Sinopec Group said the move will help the company diversify its natural gas supply channels so as to meet China's rising market demand.

APLNG is a three-way joint venture and currently meets 40 percent of Queensland's demand for natural gas.


Leave your comment0 comments

  1. Name


Selections for you

  1. PLA Air Force gives air show and parachute performance

  2. Legless man ascends Songshan Mountain

  3. Life tips: Top 18 cancer fighting fruits and vegetables

  4. Chinese folk artist sculpts vivid masks

  5. 2012 Farnborough Int'l Airshow

  6. Top expert sees H2 rebound

Most Popular


  1. Commercial property market a bubble to explode
  2. Assad inextricable part of peaceful transition
  3. Naval exercises routine, not warning to Japan
  4. Hanoi will feel pain for helping US return
  5. Cooperation keeps China-Africa ties strong
  6. China won't yield to Japan's moves over disputes
  7. Sea spat can draw mainland and Taiwan closer
  8. New regulations a chance to build clean govt
  9. Negotiations on COC in S. China Sea favor peace
  10. Hanoi will feel pain for helping US return

What's happening in China

Test results of foreign-brand milk powder products still uncertain

  1. Saved family apologize to dead rescuer
  2. Another woman tells of a forced abortion
  3. Visitor's killing raises mental health concerns
  4. Robust water contains excessive level of bacteria
  5. Ma calls for Taiwan textbook revision

China Features

  1. Why is TCM worth of commendation?
  2. Arabians pay heavy price for Arab Spring
  3. Master of pasted-paper sculpture
  4. China, US hold mixed attitudes toward each other
  5. China does not lack capital: CSRC Chair

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai