Sinopec in Talks to Invest in Kitimat LNG Project

Source: Reuters 11/27/2013, Location: North America

Sinopec , China's biggest oil refiner, is in talks with Apache Corp to buy a stake in the Kitimat LNG export project on Canada's Pacific coast, according to an industry executive with direct knowledge of the matter.

Kitimat LNG, co-owned by Apache and Chevron Corp, was awarded Canada's first LNG export license in 2011, allowing it to export 10 million tons of LNG per year. The $15 billion project, located in northern British Columbia, is expected to begin shipping gas to Asia by 2017.

"If the conditions of the discussions meet Sinopec's requirement - meaning if it is a profitable investment - Sinopec is willing to participate," the executive told Reuters.

Sinopec is also talking to other companies for similar investments, the executive said, declining to provide details. Apache paid Chevron $150 million in February to raise its stake in the project to 50 percent.

The Wall Street Journal first reported that Sinopec was in talks with Apache to buy a minority stake in the project. The size and value of the stake have not been determined, the newspaper said.


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