DOW JONES NEWSWIRES
China Petroleum & Chemical Corp. (SNP), or Sinopec, expects to sign a deal Wednesday to buy liquefied natural gas from the ExxonMobil Corp. (XOM)-led PNG LNG project in Papua New Guinea, said a person familiar with the matter.
The contract signing will coincide with a visit to Papua New Guinea by Chinese Vice Premier Li Keqiang.
No further details were immediately available, although statements from Exxon and Sinopec may be issued later Wednesday.
A Sinopec official said Oct. 14 that Sinopec was close to an agreement to import 2 million metric tons of LNG a year from the PNG LNG project. These volumes will feed an LNG terminal that Sinopec is constructing in the eastern province of Shandong.
-By David Winning, Dow Jones Newswires; +61-2-82724688; david.winning@dowjones.com