Sinopec to buy 10% stake in Australian LNG project

The company said it would buy an extra 3.3 million metric tons of LNG a year through 2035.

According to Bloomberg, China Petrochemical Corp. agreed to buy a further 10 percent stake in a $20 billion liquefied natural gas project in Australia, taking its ownership to 25 percent.

Bloomberg noted that the company signed the preliminary accord to buy the stake from ConocoPhillips (COP) and Origin Energy Ltd.

Sinopec, which agreed to pay $1.5 billion for a 15 percent stake in the venture in April, said today it would buy an extra 3.3 million metric tons of LNG a year through 2035, according to Bloomberg.

View the full report here.