China Petrochemical Corp., known as Sinopec Group, said Friday that it has reached an agreement with Australia Pacific LNG Pty Ltd. to buy up to 7.6 million metric tons of liquefied natural gas a year, up from 4.3 million tons.

Sinopec Group, the parent of Shanghai-listed and Hong Kong listed China Petroleum & Chemical Corp. (SNP), also said it will raise its stake in APLNG to 25% from 15%.

The agreement is subject to approvals by the Chinese government and Australia 's Foreign Investment Review Board, Sinopec Group said.

The three companies had announced an initial agreement on the deal on Dec. 11 last year.
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