Origin, ConocoPhillips Agrees to Sign Sinopec as An LNG Customer

Origin Energy Ltd. said on Jan. 25, 2011 that its A$35 billion gas export joint venture with ConocoPhillips has agreed to sign China Petrochemical Corp., or Sinopec, as a customer. Under a preliminary agreement that is yet to become binding, Sinopec will buy up to 4.3 million metric tons of liquefied natural gas from the project each year for 20 years and buy 15% of the project, Origin said, without disclosing a price. The stake purchase will reduce Origin and Conoco's holdings in the Australia Pacific LNG project to 42.5% respectively, Origin said.