Beijing’s state-run oil company Sinopec is investing an additional $1 billion in order to increased its stake in an Australian liquefied natural gas (LNG) project . . . the $35.5 billion project is currently led by ConocoPhillips and Australia-based Origin Energy Ltd, which each own 37.5 percent . . . in return for the investment Sinopec is expanding its share by 10 percent to 25 percent of the project . . . Beijing now plans to purchase 7.6 million metric tons of LNG per year from 2015 to 2035 . . . about 88 percent of the output from this project will be sold to China . . . Beijing is currently the world’s largest consumer of energy . . . China seeks to expand its natural gas consumption to reduce its reliance on coal and oil . . . Sinopec’s investment is a sign that domestic production of energy will take longer than initially expected due to delays and for exceeding expected costs.