Conoco Pivots to LNG in the Asia-Pacific Region
- Company to grow stake in Australian LNG unit for $1.65 billion
- Moves comes after oil major posted decade-high profit
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ConocoPhillips intends to become the largest shareholder in Australia Pacific LNG as it raises its stake in the development as part of a reshuffle of its Asian assets.
The Houston-based company will exercise preemption rights to buy an additional 10% stake in Australia Pacific LNG for as much as $1.6 billion, bringing its share to 47.5%, according to a statement Tuesday. Sydney-based Origin Energy had agreed to sell the stake to energy investor EIG Partners. China’s Sinopec is also a partner, owning 25%.