Sinopec, Huadian to take combined 15 pct stake in Canada LNG project

Wed Apr 30, 2014 1:40am EDT
 
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HONG KONG, April 30 (Reuters) - China Petrochemical Corp (Sinopec Group) said on Wednesday it and state-owned power group China Huadian Corp have agreed to take a combined 15 percent stake in a liquefied natural gas (LNG) project controlled by Malaysian state oil firm Petronas in Canada.

Sinopec Group will hold 10 percent of the Pacific Northwest LNG project on Canada's Pacific Coast, while Huadian will have 5 percent after the transaction, it said in a statement.

Sinopec Group - parent of Asia's largest refiner Sinopec Corp - said on Tuesday night that it had purchased a 15 percent stake in the project from Petronas.

(Reporting by Charlie Zhu; Editing by Stephen Coates)