China's Sinopec on Monday agreed to increase its stake in the $20 billion Australia Pacific LNG joint venture to 25 percent and to purchase more gas from the project, bringing the project a step closer to moving forward on the second phase.The venture is just one project in a pipeline worth around $200 billion in Australia that could make the country the world's largest LNG exporter by the end of the decade as it scrambles to feed a growing Asian appetite for gas.Origin Energy, which operates the venture, said China Petroleum Corp (Sinopec) will buy an additional 10 percent stake in the project and 3.3 million tonnes more a year of LNG through 2035. The stakes of Origin Energy and ConocoPhillips will drop to 37.5 percent each as a result.The deal would finalise the marketing of the second phase, or train, of the project, Origin Energy said.
ConocoPhillips is an international, integrated energy company. Shares of COP traded higher by 1.31% or $0.93/share to $71.95. In the past year, the shares have traded as low as $58.65 and as high as $81.80. On average, 9252770 shares of COP exchange hands on a given day and today's volume is recorded at 7065780. Resistance level is $73 and support level is $66.
ConocoPhillips is an international, integrated energy company. Shares of COP traded higher by 1.31% or $0.93/share to $71.95. In the past year, the shares have traded as low as $58.65 and as high as $81.80. On average, 9252770 shares of COP exchange hands on a given day and today's volume is recorded at 7065780. Resistance level is $73 and support level is $66.
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