Origin Energy, ConocoPhillips Finalize LNG Deal with Sinopec
Origin Energy and its Gladstone liquefied natural gas partner ConocoPhillips recently finalized an agreement with Sinopec to supply it with 4.3 million tones of LNG per year for 20 years from Origins Australia Pacific LNG project. Also part of the deal was a 15% equity interest on completion for a net consideration of US$1.5 billion.
This agreement reduces ConocoPhillips’ and Origin Energy’s ownership interest to 42.5% respectively.
Origin Energy Managing Director, Mr Grant King said, “Today marks an important milestone in the development of the Australia Pacific LNG project and represents the largest LNG supply agreement in Australian history by annual volume.