ConocoPhillips, Origin Expand $20B Australian Gas Project

Law360, New York (July 5, 2012, 1:25 PM EDT) -- ConocoPhillips Co. and Origin Energy Ltd. approved the expansion of their $20 billion coal-to-natural-gas joint venture in Australia, adding a second liquefied natural gas unit expected to double production of the Australia Pacific LNG project to 9 million tons per year, the companies announced Tuesday.

With the Australia Pacific LNG board giving the go-ahead for the second unit, state-run China Petrochemical Corp.'s agreement to increase its equity interest in the project from 15 to 25 percent "is now unconditional with completion due to occur shortly," according...
To view the full article, register now.