PNG LNG signs mid-term sales agreement with Unipec

Santos advises that the PNG LNG Project co-venturers have entered into a mid-term LNG sale and purchase agreement (SPA) with Unipec Singapore, a wholly-owned subsidiary of Sinopec, for the supply of LNG commencing in April 2019.

The mid-term SPA with Unipec is for supply of approximately 0.45 million tonnes of liquefied natural gas (LNG) per annum (mtpa) over a four-year period.

This SPA takes the total contracted volumes from the Project to 7.9 mtpa, with 6.6 million tonnes of PNG LNG's annual output already committed under long-term contracts to JERA, Osaka Gas, Sinopec and CPC, and 1.3 million tonnes under mid-term SPAs with PetroChina, BP and Unipec.

Santos has a 13.5% interest in PNG LNG.