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Wednesday, November 27, 2013

Sinopec in talks to invest in Kitimat LNG project -source, (NYSE: APA)

Sinopec , China's biggest oil refiner, is in talks with Apache Corp to purchase a stake in the Kitimat LNG export project on Canada's Pacific coast, according to an industry executive with direct knowledge of the matter.Kitimat LNG, co-owned by Apache and Chevron Corp, was awarded Canada's first liquefied natural gas (LNG) export license in 2011, allowing it to export 10 million tons per year.The $15 billion project, located in northern British Columbia, is expected to begin shipping gas to Asia by 2017."If the conditions of the discussions meet Sinopec's requirement - meaning if it is a profitable investment - Sinopec is willing to participate," the executive told Reuters.

Apache Corporation (Apache) is an independent energy company, which explores for, develops, and produces natural gas, crude oil, and natural gas liquids. Shares of APA fell by 1.75% or $-1.64/share to $92.10. In the past year, the shares have traded as low as $67.91 and as high as $94.84. On average, 2694800 shares of APA exchange hands on a given day and today's volume is recorded at 1004773.