. Energy News .

China's Sinopec boosts Australian LNG stake
by Staff Writers
Sydney (AFP) Dec 12, 2011

China's Sinopec raised its stake in a major Australian-US liquefied natural gas (LNG) project and almost doubled its sales contract Monday as Beijing scrambles to secure energy supplies.

Australia Pacific LNG (APLNG), a Aus$35 billion (US$35.5 billion) joint venture between Australia's Origin Energy and US firm ConocoPhillips, said Sinopec had bumped up its share in the project from 15 to 25 percent.

It had also agreed to purchase an additional 3.3 million tonnes per annum (mtpa) of LNG over 20 years from 2015, taking its total commitment to 7.6 mtpa.

The Sinopec contract is among Australia's biggest-ever LNG deals and the Chinese company's chairman Fu Chengyu said its extension would "further assist China and Sinopec to meet its growing energy demands".

China's government and Australia's foreign investments watchdog will have to approve the new agreement before it is binding, and the project will also have to reach a final investment decision on the next stage of development.

Japan's Kansai Electric is the project's other major client and has agreed to take 1.0 mtpa for 20 years from 2016.

APLNG, in northern Queensland state, is the largest such project planned in Australia using pioneering coal seam technology to cool and liquefy underground gases that burn cleaner than coal and other fuels and are relatively easy to ship.

It is banking on increased demand for green energy, particularly from Asia, as the world moves to meet pollution reduction targets.

The venture said earlier this year that interest in LNG had also been boosted by the March earthquake and tsunami in Japan which sparked a nuclear crisis.

Chinese demand for gas is forecast to jump 5.9 percent every year until 2035, compared with OECD growth of 0.5 percent, taking the Asian giant's share of global gas consumption from 2.7 percent in 2008 to 8.7 percent by 2035.

Related Links
Powering The World in the 21st Century at Energy-Daily.com

Get Our Free Newsletters Via Email
Buy Advertising Editorial Enquiries


. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Functionalized graphene oxide plays part in next-generation oil-well drilling fluids
Houston TX (SPX) Dec 12, 2011
Graphene's star is rising as a material that could become essential to efficient, environmentally sound oil production. Rice University researchers are taking advantage of graphene's outstanding strength, light weight and solubility to enhance fluids used to drill oil wells. The Rice University lab of chemist James Tour and scientists at M-I SWACO, a Texas-based supplier of drilling fluids ... read more

Building a sustainable hydrogen economy

U.S. electric grid at risk?

Carbon dioxide emissions rebound quickly after global financial crisis

Global Carbon Project annual emissions summary

Oil ban would hurt only Europe, Iran says

Venezuela to get $4 billion loan from China: Chavez

New study documents cumulative impact of mountaintop mining

Marine Renewables: Farming the Ocean for Energy

Wind farm fuels Ethiopia's green power ambitions

Brazil's wind power growth draws investors

Mortenson Construction Completes Elk Wind Project

Enel: More new wind capacity in Iberia

Affordable Solar: It's Closer Than You Think

Soltecture produces first 100 Watt solar modules

World's Most Efficient Rooftop Solar Hot Air Heater

Pacific state to rely on renewable energy

French nuke giant Areva suspends investment in sites

France's Areva sees 2011 loss of up to 1.6 bn euros

Merkel: nuclear exit will create more jobs than destroys

France's Areva to announce 'significant' losses: minister

Switchgrass as bioenergy feedstock

US Navy in big biofuel purchase

E. Coli Bacteria Engineered to Eat Switchgrass and Make Transportation Fuels

OSU study questions cost-effectiveness of biofuels and their ability to cut fossil fuel use

China honors its 'father' of space efforts

Philatelic Cover Reveals the secret names of second Taikonaut team

First Crew for Tiangong

China post office offers letters from space

Nations set course for 2015 global climate pact

Euro, climate crises prompt rethink of growth: Stern

Ancient Dry Spells Offer Clues About the Future of Drought

India flexible on climate talks?


The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement