Sinopec Builds Stake In $20B Australian Gas Project

Law360, New York (December 12, 2011, 2:38 PM EST) -- ConocoPhillips and Origin Energy Ltd. have agreed to increase China Petrochemical Corp.'s stake in their $20 billion Australian natural gas joint venture from 15 percent to 25 percent, giving the company control of most of the project's output, the companies said Monday.

The nonbinding agreement allows the state-run China Petrochemical, known as Sinopec, to purchase 3.3 million tons of liquefied natural gas per year through 2035 for an undisclosed sum, in addition to the 4.3 million tons per year the company will receive pursuant to an...
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