ConocoPhillips, Origin Strike $90B Deal With Sinopec

Law360, New York (April 21, 2011, 1:07 PM EDT) -- ConocoPhillips Co. and Australia's Origin Energy Ltd. on Thursday reached an agreement to export liquefied natural gas to Chinese oil giant Sinopec Corp. in a record-setting deal worth an estimated $90 billion.

As part of the deal, Sinopec will also pay $1.5 billion for a 15 percent stake in ConocoPhillips and Origin Energy's joint LNG development in Queensland, Australia, according to the companies. ConocoPhillips and Origin Energy will sell Sinopec 4.3 million metric tons of LNG per year for 20 years starting in 2015, when the...
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