Australia Pacific LNG and Sinopec sign binding agreements for further LNG supply andan increase in equity to 25%

abarrelfullabarrelfull wrote on 23 Jan 2012 07:38
Tags: australia conoco deals lng origin sinopec

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Origin Energy Limited (Origin) advises that Australia Pacific LNG Pty Ltd (Australia Pacific LNG), its incorporated joint venture with ConocoPhillips and Sinopec, has provided the attached update on its signing of binding agreements with Sinopec for additional LNG supply and a further 10% equity interest.

Australia Pacific LNG and Sinopec signed a Subscription Agreement for Sinopec to subscribe for an additional 10% interest in Australia Pacific LNG for a net consideration of US$1.1 billion. This consideration is set as at 1 January 2011 and will be increased to reflect shareholder contributions between 1 January 2011 and completion.

On completion, the ownership interest of Sinopec in Australia Pacific LNG will be 25%. As a result, ConocoPhillips' and Origin Energy’s ownership interests will be reduced to 37.5% respectively.

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