ConocoPhillips, Origin and Sinopec Sign Heads of Agreement for Australia LNG Project

ConocoPhillips COP today announced that Australia Pacific LNG Pty Ltd and China Petrochemical Corporation have signed an agreement establishing non-binding key commercial terms for the supply of up to 4.3 million tonnes per annum of LNG for 20 years. The agreement, known as a Heads of Agreement, also specifies terms under which Sinopec will subscribe for a 15 percent equity stake in APLNG, with ConocoPhillips and Origin Energy each reducing its interest to 42.5 percent. In addition to the signing of the Heads of Agreement, the APLNG project received Federal Environmental approval this week.