Sinopec and China Huadian acquire 15% stake in Petronas' Pacific NorthWest LNG project

• Sinopec and China Huadian, one of China's largest power companies, have agreed to acquire a 15% stake in Petronas' proposed Pacific NorthWest LNG project, BC
• The acquisition also includes the 15% associated interest in Petronas' Montney position
• Sinopec has also entered into a Heads of Agreement to purchase an additional 3mmtpa of LNG for 20 years sourced primarily from the Pacific NorthWest LNG project 
• Following Petronas' acquisition of Progress Energy in 2012 for CAD5.5bn, the company announced its intention reduce its exposure to the LNG project by divesting up to a 50% stake
• Divestments to date are Japex (10%), Petroleum Brunei (3%), Indian Oil (10%); post completion of the sale to Sinopec and China Huadian (15%), Petronas will retain a 62% stake in the project