One of Origin Energy Limited’s (ASX:ORG) joint venture partners in the Australia Pacific liquefied natural gas (LNG) project, China Petrochemical Corporation (Sinopec), has boosted its stake in the $20 billion venture.
Chinese owned oil company Sinopec will acquire an extra 10 per cent interest in the project, taking its ownership to 25 per cent, and 3.3 million tonnes of LNG per year through to 2035.
The deal will reduce Origin’s and fellow JV partner ConocoPhillips’ stake down to 37.5 per cent each.
Origin’s chairman Kevin McCann says the company is placed to make a final investment decision on the second train, or phase, of the project in early 2012.
Shares in Origin Energy closed 3 per cent higher yesterday at $14.72.
In the 2011 financial year Origin Energy reported a net profit of $248 million.
