Beijing (CNS) -- The China Petroleum and Chemical Corporation (Sinopec) will increase its yearly purchase of LNG (liquefied natural gas) from Australia Pacific LNG (APLNG) by 3.3 million tons to 7.6 million, according to a non-binding key business clause included in the outline agreement inked on Monday. Its validity extends to 2035.
Another non-binding key business clause of the agreement adjusts the APLNG stock holding of Sinopec from 15% to 25%, while those of Conoco Phillips and Origin were lowered to 37.5%.
The adjustments were based on the April contract between Sinopec and APLNG, and will undergo a review process by Chinese and Australian authorities.
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