ConocoPhillips (NYSE:COP) announced Friday it will be joined by Sinopec (NYSE:SHI) in a liquefied natural gas venture in Australia, where they'll acquire a 15 percent stake in the project.
Also known as China Petrochemical Corp., they will purchase a stake in a venture dubbed Australia Pacific LNG Pty Ltd.
Before the deal ConocoPhillips was a 50/50 partner with Origin Energy in the project, with each dropping their stakes to 42.5 percent.
While financial terms of the deal weren't disclosed, what was disclosed is Sinopec will take 4.3 million tons of liquefied natural gas from the project over a 20-year period.
After passing Australian environmental hurdles this week, ConocoPhillips said LNG shipments should begin in 2015.
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