BEIJING (Commodity Online) : China’s Sinopec Corp Thursday signed an agreement with US energy giant Exxon Mobil Corp for buying LPG from Exxon’s Papua New Guinea project.

Under the deal Sinopec will get 2 million tons of liquefied Natural Gas annually from the project.

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The deal comes amid a flurry of agreements by Chinese state-owned energy companies to secure foreign oil and gas supplies for the country's booming economy.

Sinopec, also known as China Petroleum & Chemical Corp., said it would build a terminal in the eastern Chinese port of Qingdao to receive the gas.

Exxon Mobil, based in Irving, Texas, is developing gas fields in Papua New Guinea's central highlands and a pipeline to carry supplies to the coast of the South Pacific island nation.

Sinopec is Asia's biggest oil refiner by volume. Its shares are traded in New York, London, Hong Kong and Shanghai.

In August, Sinopec rival PetroChina Ltd. reached a $41 billion deal to buy Natural Gas from Australia's Gorgon field.

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