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Origin Energy is selling a 10 per cent stake in Australia Pacific LNG for $2.12 billion to global energy investor EIG.

APLNG is the largest LNG project by liquefaction capacity on Australia’s eastern seaboard and a major supplier of LNG to Asia and gas to Australia’s domestic market.

The LNG plant in Gladstone has a nameplate capacity of 9.0 Mtpa and the project holds a gas acreage position spanning the Surat and Bowen basins.

Following completion of the sale, the Australia Pacific LNG joint venture shareholders will comprise ConocoPhillips (37.5 per cent), Origin (27.5 per cent), Sinopec (25 per cent) and EIG (10 per cent).

Over the last 15 years, EIG has invested in nine separate LNG projects located in six countries and it says the APLNG acquisition represents a continuation of its strategy to gain exposure to high-quality LNG assets.

“This is a groundbreaking transaction that reflects our strong confidence in the asset, our partners, and the importance of LNG as a critical enabler of the energy transition,” EIG chairman and chief executive officer R. Blair Thomas said.

“The transaction leverages EIG’s extensive experience in global LNG to deliver an attractive, steady stream of cash flows for our investors.”
EIG pays $2b for stake in Australia Pacific LNG
Origin chief executive officer Frank Calabria.

Origin chief executive officer Frank Calabria said divesting a 10 per cent interest allowed Origin to crystalise some of the significant value it had created in Australia Pacific LNG, while retaining a continuing substantial shareholding.

“Origin will continue our important role as upstream operator of the world class Australia Pacific LNG asset,” he said.

“A diverse asset portfolio, combined with strategic investments over the past 18 months, have put Origin in a strong position to lead the energy transition.

“The material cash injection from this divestment provides further flexibility to deliver returns to shareholders and pay
down debt, while allowing Origin to accelerate investment in growth opportunities.

“We are very proud of what we have helped build alongside our partners, and the performance of Australia Pacific LNG continues to go from strength to strength.”