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Chinese oil giant Sinopec boosts its stake in Queensland LNG project

Tuesday, 24 January 2012 | 00:00
Chinese oil giant Sinopec has increased its stake in a big liquefied natural gas project in Queensland.
Sinopec will now buy 7.6 metric tonnes per annum (mtpa) of LNG through to 2035, up from 4.3 million mtpa, from the Australia Pacific LNG project on Curtis Island, near Gladstone.
It will also increase its shareholding in Australia Pacific LNG from 15 per cent to 25 per cent.
Premier Anna Bligh said the deal further cemented Queensland as a major international coal seam gas to LNG player.
"You can't build a brand new industry that could create 18,000 jobs without companies putting pen to paper and signing huge deals," Ms Bligh said today.
"A long-term deal of this magnitude means jobs and prosperity from an industry that was just a pipedream here a decade ago."
The Bligh government has promised to pump half the royalties from LNG mining into an education trust for the state's students.
Source: AAP
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