Herbert Smith is advising Chinese state-owned oil company China Petroleum and Chemical Corp. Ltd., better known as Sinopec, on increasing its stake in the Australia Pacific Liquefied Natural Gas (LNG) project to 25 percent. Sinopec is acquiring a further 10-percent stake after it paid $1.5 billion for a 15-percent stake in April.
The Australia Pacific LNG project, a joint venture between Sinopec, Houston-based oil and gas company ConocoPhillips and Sydney’s power enterprise Origin Energy Ltd., converts coal seam gas to LNG. The project is eventually expected to attract investments worth $20 billion.
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