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Sinopec, ExxonMobil Enter into Heads of Agreement

Source: www.gulfoilandgas.com 11/4/2009, Location: Asia

Unipec Asia Co., Ltd. (“Unipec”), a subsidiary of China Petroleum & Chemical Corporation (Sinopec Corp.), and Esso Highlands Limited, a subsidiary of Exxon Mobil Corporation and the operator of the PNG LNG Project, announced that the two parties entered into a Heads of Agreement for the long-term supply of 2 million tonnes per annum (MTA) of Liquefied Natural Gas (LNG).

ExxonMobil and Sinopec Corp. are working together to finalize a binding sale and purchase agreement this year.

To help forward that agreement, documents were signed at Port Moresby in the presence of Mr. Wang Zhigang, Senior Vice President of Sinopec Corp., and Mr. Ron Billings, Marketing Vice President of Exxon Mobil Gas and Power.

“We are pleased to have signed this significant Heads of Agreement with the PNG LNG Project, which is led by our partner ExxonMobil. This LNG resource will be supplied to Qingdao, Shandong province where Sinopec will build a LNG receiving terminal,” commented Wang Zhigang, Senior Vice President of Sinopec Corp. "We hope that the working teams from both parties continue to work closely together to finalize the final purchase and sale agreement as soon as possible."

“We are pleased to have reached this important milestone with Sinopec,” Mr. Billings said. “With this agreement in place, the Project will conduct exclusive discussions with Sinopec and other major Asian LNG customers for binding sale and purchase agreements covering the full project capacity.”

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