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Blakes and Clutz aid $1.4bn Chinese resources stake
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Blakes and Clutz aid $1.4bn Chinese resources stake

Blake Dawson and Clayton Utz helped facilitate a $1.4 billion stake in an Australian resources company by a major state-owned Chinese company.In Brisbane on 21 April, Resources and Energy…

Blake Dawson and Clayton Utz helped facilitate a $1.4 billion stake in an Australian resources company by a major state-owned Chinese company.

In Brisbane on 21 April, Resources and Energy Minister Martin Ferguson attended the signing of the agreement that gives China's Sinopec Group a 15 per cent stake in Australia Pacific LNG (APLNG) for an outlay of $1.4 billion.

Under the terms of the agreement, APLNG and Sinopec will supply more than four million tonnes of liquefied natural gas for 20 years, worth an estimated $90 billion.

"We are pleased to have worked alongside APLNG in achieving what is a very significant milestone for the project, which will be a significant contributor to the Queensland economy," said Clayton Utz partner Graham Taylor.

Taylor led a team that included energy and resources partner Andrew Smith in advising APLNG.

Blake Dawson acted as the Australian legal adviser for Sinopec, with Brisbane-based partner Richard Flynn leading that firm's team.

Herbert Smith also advised Sinopec.

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