China Petroleum & Chemical Corp. (Sinopec) announced Wednesday that its subsidiary China International United Petroleum & Chemical Co., Ltd. (Unipec) has signed a liquified natural gas (LNG) framework agreement with Exxon Mobil Corp.

According to the framework, Sinopec agreed to import 2 million tons of LNG from Exxon Mobil's project in Papua New Guinea each year.

The two companies are working together towards a final agreement, according to the announcement.

Wang Zhigang, senior vice president of Sinopec said that all the resources from the project in Papua New Guinea will be sent to the receiving terminal station of LNG that was established by Sinopec in Qingdao, Shangdong Province. He hopes that both sides can final this agreement as soon as possible.

The Papua New Guinea project was an integrative project that includes the oil production and post-processing facility, the oil pipeline on the land and in the seas, and all LNG factory plants.

Sinopec is an integrated chemical engineering and energy company that is publicly listed in Hong Kong, New York, London and Shanghai. By the turnover of 2008, Sinopec was one of the largest oil refiners in Asia.

Source: Global Times

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