Sinopec Corp. and ExxonMobil Enter into Heads of Agreement
|
Nov 22, 2009
 Beijing, People's Republic of China (PRC), 4th November 2009 ? Unipec Asia Co., Ltd. ("Unipec"), a subsidiary of China Petroleum & Chemical Corporation (Sinopec Corp.), and Esso Highlands Limited, a subsidiary of Exxon Mobil Corporation and the operator of the PNG LNG Project, announced today that the two parties entered into a Heads of Agreement for the long-term supply of 2 million tonnes per annum (MTA) of Liquefied Natural Gas (LNG).
ExxonMobil and Sinopec Corp. are working together to finalize a binding sale and purchase agreement this year.
To help forward that agreement, documents were signed at Port Moresby in the presence of Mr. Wang Zhigang, Senior Vice President of Sinopec Corp., and Mr. Ron Billings, Marketing Vice President of Exxon Mobil Gas and Power.
"We are pleased to have signed this significant Heads of Agreement with the PNG LNG Project, which is led by our partner ExxonMobil. This LNG resource will be supplied to Qingdao, Shandong province where Sinopec will build a LNG receiving terminal," commented Wang Zhigang, Senior Vice President of Sinopec Corp. "We hope that the working teams from both parties continue to work closely together to finalize the final purchase and sale agreement as soon as possible."
"We are pleased to have reached this important milestone with Sinopec," Mr. Billings said. "With this agreement in place, the Project will conduct exclusive discussions with Sinopec and other major Asian LNG customers for binding sale and purchase agreements covering the full project capacity."
About the Project: The PNG LNG Project is an integrated development which includes gas production and processing facilities, onshore and offshore pipelines and LNG plant facilities. Participating interests are ExxonMobil (Esso Highlands Limited as the Operator) 41.5%, Oil Search 34.0%, Santos 17.7%, Nippon Oil 5.4%, Minerals Resources Development Company 1.2%, and Eda Oil Limited 0.2%.
About Sinopec Corp.
Sinopec Corp. has been listed in Hong Kong, New York, London and Shanghai. The Company is an integrated energy and chemical company with upstream, midstream and downstream operations. The principal operations of Sinopec Corp. and its subsidiaries include: exploring, developing, producing and trading crude oil and natural gas; processing crude oil into refined oil products; producing, trading, transporting, distributing and marketing refined oil products; and producing and distributing chemical products. Based on 2008 turnover, Sinopec Corp. is the largest listed company in China. The Company is one of the largest crude oil and petrochemical companies in China and Asia. It is also one of the largest gasoline, diesel and jet fuel and other major chemical products producers and distributors in China and Asia.
release by
|
 |
|
|
 |
