Santos today announced that the PNG LNG Project participants have finalised a binding Sale and Purchase Agreement with Unipec Asia Co Ltd, a subsidiary of China Petroleum & Chemical Corporation (Sinopec), for the long-term sale and purchase of liquefied natural gas (LNG) totaling approximately 2.0 million tonnes per annum.
Under the agreement, the PNG LNG Project will supply LNG to Sinopec for a period of 20 years.
A copy of the PNG LNG Project’s operator’s news release is attached to this release.
About PNG LNG
The PNG LNG Project is an integrated development which includes gas production and processing facilities, onshore and offshore pipelines and LNG plant facilities. Santos has a 17.7% interest in PNG LNG. Other participants are entities of ExxonMobil (41.5% and operator), Oil Search (34.0%), Nippon Oil (5.4%), Mineral Resources Development Company (1.2%) and Petromin PNG Holdings Limited (0.2%). Participation will change when PNG State nominees join as equity participants at a later date.