Malaysian state oil and gas company Petronas announced on Tuesday that it’s selling a 15% stake in Progress Energy’s LNG reserves in British Columbia to Asia’s largest oil refiner, China Petrochemical Corp. (also known as Sinopec Group).
Sinopec is the fourth in a consortium of LNG buyers interested in Petronas’ Canadian LNG project. The company is expected to offtake 1.8 million tons of liquefied natural gas per year for a minimum of 20 years. The other companies include Japex Montney Ltd., PetroleumBrunei, and Indian Oil Corporation Ltd. Petronas retains a 62% stake in the natural gas project.
After twenty years of growth and expansion, Sinopec has recently scaled back its investments in naphtha due to growing competition from American companies. Instead, it’s been looking into more abundant natural gas liquids to produce petrochemicals
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