Australia Pacific LNG and Sinopec Sign Binding Agreements for LNG Supply and 15% Equity Interest (SNP)

China Petroleum & Chemical Corporation SNP and Australia Pacific LNG Pty Ltd today signed a Sale and Purchase Agreement for the supply of 4.3 million tonnes per annum of LNG for 20 years from Australia Pacific LNG's world-class coal seam gas resources and proposed LNG facility on Curtis Island, Gladstone in Queensland. Australia Pacific LNG and Sinopec International Petroleum Exploration & Production Corporation also signed a Subscription Agreement for SIPC to subscribe for a 15% interest in Australia Pacific LNG thereby reducing ConocoPhillips' and Origin Energy's ownership interest from 50% to 42.5% respectively.