China Petrochemical Corp. (Sinopec) agreed to acquire a 15% stake in a proposed LNG facility in British Columbia from Petroliam Nasional Bhd. for an undisclosed amount.
Sinopec will get 1.8 million tonnes of LNG annually for 20 years, about 15% of the terminal’s output, Petronas said in a statement April 29. Sinopec also agreed to buy 3 million tonnes a year of LNG for 20 years from Petronas, making it one of the Malaysian state-owned company’s largest buyers of the fuel.
Petronas, which acquired Progress Energy Canada in 2012, will hold 62% of the project after the sale. The company has previously announced the sale of stakes in the terminal to Indian Oil Corp., Brunei National Petroleum Co. and Japan Petroleum Exploration Co.
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