Shell, Sinopec May Buy Stake in APLNG

Royal Dutch Shell and China Petrochemical Corp. (Sinopec) are likely to buy a stake in a $24 billion liquefied natural gas project in Australia, Bloomberg News reported citing JPMorgan Chase & Co.

Shell, through its Arrow Energy Ltd. venture with PetroChina Co., may bid for a stake in the Australia Pacific LNG project being built by ConocoPhillips and Origin Energy, JPMorgan said in a report.

Sinopec already owns 25 percent of APLNG, while Origin and ConocoPhillips own 37.5 percent each. Origin said in July that it’s looking to keep about 30 percent of the project after the partners jointly agreed to further cut their stakes, Bloomberg said.