Australia Pacific LNG completes additional Subscription Agreement with Sinopec

abarrelfullabarrelfull wrote on 13 Jul 2012 06:26
Tags: australia conoco lng origin sinopec

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Origin Energy Limited (Origin) advises that the Subscription Agreement facilitating the acquisition by Sinopec Group (Sinopec) of an additional 10 per cent shareholding in Australia Pacific LNG Pty Ltd (Australia Pacific LNG) has completed.

Sinopec's shareholding in Australia Pacific LNG has now increased from 15 per cent to 25 per cent. As a consequence, ConocoPhillips and Origin Energy's shareholding in Australia Pacific LNG has been diluted from 42.5 per cent to 37.5 per cent each.

Sinopec's additional equity subscription provides Australia Pacific LNG with a net payment of US$1.4 billion for value determined as at 1 January 2011. That amount was adjusted for Sinopec's share of capital expended since that date, resulting in Sinopec injecting a total of approximately US$2.1 billion into Australia Pacific LNG. These funds will be used to meet project expenditure before any additional funding is required from Origin, ConocoPhillips and Sinopec.

In addition, all conditions precedent have been met for the supply of an additional 3.3 million tonnes per annum (mtpa) of LNG to Sinopec, bringing the total LNG sales to Sinopec to 7.6 mtpa, commencing in 2015.

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