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Exxon, Sinopec Sign 40m-Ton Natural Gas Agreement
China Petroleum & Chemical Corporation (Sinopec) (NYSE:SNP, 600028.SH, 0386.HK) has entered into an agreement to purchase 2 million tons of liquefied natural gas per annum from the Papua New Guinea Liquefied Natural Gas (PNG LNG) Project, operated by Exxon Mobil Corporation (NYSE:XOM) subsidiary Esso Highlands Limited, for a period of 20 years, Esso Highlands and Sinopec subsidiary Unipec Asia announced December 3.
The agreement will supply an LNG terminal that will be built by Sinopec in Qingdao, Shandong province, the announcement said. The terminal's capacity is expected to be 3 million tons per annum in its first phase and 5-6 million tons per year in its second phase, said Sinopec Senior Vice President Wang Zhigang.
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