Origin Energy

Origin Energy has always insisted it would find buyers for output from the colossal Australia Pacific LNG (APLNG) project and, yesterday, it did just that. Sinopec has agreed to buy a further 3.3m tonnes per annum (mtpa), enough to underwrite the long-awaited second train of the project.  The agreement is non-binding at this stage, so it’s far from a done deal; Chinese energy companies have signed non-binding agreements before, only to back out down the track. But it is evidence that the current controversy over coal seam gas (CSG) extraction hasn’t dented buyer enthusiasm. Along with the output from the project’s first...

Origin Energy has always insisted it would find buyers for output from the colossal Australia Pacific LNG (APLNG) project and, yesterday, it did just that. Sinopec has agreed to buy a further 3.3m tonnes per annum (mtpa), enough to underwrite the long-awaited second train of the project.  The agreement is non-binding at this stage, so it’s far from a done deal; Chinese energy companies have signed non-binding agreements before, only to back out down the track. But it is evidence that the current controversy over coal seam gas (CSG) extraction hasn’t dented buyer enthusiasm. Along with the output from the project’s first train, Sinopec may buy as much as 7.8mtpa of LNG for 20 years, a commitment worth close to $200bn.

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