Sydney, 23 January 2012: Clayton Utz congratulates client Australia Pacific LNG Pty Ltd (APLNG) on achieving the latest milestone in its Queensland coal seam gas to liquefied natural gas project – one of the most significant energy and resources projects being undertaken in the country, and on which Clayton Utz continues to provide advice.
APLNG has entered into formal agreements with China Petrochemical Corporation (Sinopec) for the supply by APLNG to Sinopec of a further 3.3 million tonnes of LNG per year to 2035, and an increase in Sinopec's equity stake in APLNG from 15 per cent to 25 per cent.
A Clayton Utz team led by Corporate national practice head and Energy and Resources partner Graham Taylor, and including Energy and Resources senior associate Samy Mansour, advised APLNG on the issue of further equity to Sinopec.
Commenting on the latest project milestone, lead partner Graham Taylor said: "The APLNG project continues to go from strength to strength, and will deliver significant economic benefits to the state of Queensland. We're proud to be associated with the project."
In April 2011, Graham led a Clayton Utz team including Energy and Resources partner Andrew Smith as well as Samy Mansour, in advising APLNG on the issue of a 15 per cent equity interest to Sinopec in the APLNG joint venture for a net consideration of US$1.5 billion, and an agreement for the supply of up to 4.3 million tonnes each year of LNG to Sinopec, for 20 years.
APLNG began as a joint venture between leading Australasian integrated energy company Origin Energy, and major global energy provider ConocoPhillips, to deliver coal seam gas to an LNG plant at Laird Point on Curtis Island near Gladstone, Queensland. LNG exports from the APLNG project are expected to commence in 2015.
Clayton Utz was appointed project counsel to the APLNG project in 2008, with Graham Taylor and Andrew Smith the firm's key partners.