Unipec Asia Company, a subsidiary of China Petroleum and Chemical Corporation, has signed a long-term liquid natural gas supply agreement with Esso Highlands Limited, a subsidiary of ExxonMobil Corporation.

Under the framework agreement, Unipec will import two million tonnes of LNG each year from Esso Highlands's Papua New Guinea LNG project — an integrated development which includes gas production and processing facilities, onshore and offshore pipelines, and LNG plant facilities.

Ron Billings, the vice president of ExxonMobil Gas and Power Marketing, said that with this agreement in place, the PNG LNG project is now conducting exclusive discussions with major LNG customers in Asia for binding sale and purchase agreements covering the full project capacity.

Sinopec — an energy and chemical company listed in Hong Kong, New York, London, and Shanghai — is one of the largest petroleum and chemical companies in China. The company is also one of the major manufacturers and distributors of gas, diesel fuel, aviation kerosene, and other major petroleum and chemical products.