04/29/2014 01:22 EDT | Updated 06/29/2014 05:59 EDT

Sinopec buys 15% stake in liquefied natural gas project in northeast B.C.

CALGARY - China Petrochemical Corp. is acquiring a 15 per cent stake in a liquefied natural gas project in northeast British Columbia for an undisclosed sum.

The company, known as Sinopec, joins Progress Energy Canada, Pacific NorthWest LNG and Malaysian state-owned oil firm Petronas as a partner in the export project.

Sinopec has also agreed to buy a quantity of liquefied natural gas for a minimum of 20 years from the LNG facility's production.

Petronas will hold 62 per cent of the project and also owns Progress Energy Canada, which brings LNG to Canadian markets and wants to open new LNH markets in Asia.