Sinopec signs up for Australian LNG

China Petrochemical Corp. (Sinopec) agreed to buy 4.3 million metric tonnes of liquefied natural gas annually from Australia Pacific LNG for 20 years, Sinopec Group, Sinopec's parent company, said Thursday, Seatrade-asia reports.?Sinopec Group said the gas will be delivered from Queensland, Australia to a planned gas terminal in China's Guangxi Zhuang Autonomous Region and other terminals.?Besides the gas deal starting from 2015, Sinopec also will buy 15 percent of the Australian company shares. ?Australia Pacific LNG is owned by Origin Energy Ltd. and ConocoPhillips, with each company holding 50 percent of its stakes. The Sinopec investment will reduce the two companies' stakes in Australia Pacific LNG to 42.5 percent each.?China imported 9.34 million metric tonnes of LNG in 2010, up 75 percent from the previous year. The country's LNG consumption will continue to increase by about 20 percent in 2011, according to Chinese energy authorities.