HUANQIU, a unit of China National Petroleum Corp, has agreed to purchase a 19.9 percent stake in Australia's Liquefied Natural Gas Ltd, CNPC said yesterday.

China Huanqiu Contracting and Engineering Corp, a wholly-owned subsidiary of CNPC which provides services in engineering, procurement and construction management, will become the largest shareholder of Liquefied Natural Gas after the deal is completed, the CNPC said in an online statement.

CNPC said the agreement will give Huanqiu preferential rights to use the Australian company's patented liquefied natural gas technology, an energy-efficient, low carbon and low capital-intensive technology, which will help Huanqiu become more competitive in the international LNG market.