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Thursday, February 24, 2011

Australia Pacific in 4.3 mln tpa Sinopec LNG supply deal, (ORG)

Sinopec Corp (0386.HK) has signed a preliminary agreement to buy 4.3 million tonnes of liquefied natural gas per year from Australia Pacific LNG Pty Ltd for 20 years, the Chinese firm said on Friday. If the the deal is finalised, Sinopec will get a 15 percent share in the project, reducing the shareholdings of its co-owners, U.S. energy firm ConocoPhillips COP.AX and Australia's Origin Energy (ORG.AX) to 42.5 percent each. Origin's shares were up 3.7 percent at A$16.50 BY 0347 GMT. (Reporting by Tom Miles; Editing by Jacqueline Wong)