(Adds Origin CEO quote, EIG statement, details of APLNG...

(Adds Origin CEO quote, EIG statement, details of APLNG project)

Oct 25 (Reuters) - Origin Energy Ltd (ORG) said on Monday it will sell a 10% stake in the Australia Pacific LNG project for A$2.12 billion ($1.58 billion) to global energy investor EIG Partners.

The Australian power retailer and gas producer will keep a 27.5% stake in the project that also counts ConocoPhillips COP.N and China's Sinopec 600028.SS as shareholders.

"The material cash injection from this divestment provides further flexibility to deliver returns to shareholders and pay down debt," Origin Chief Executive Officer Frank Calabria said.

Origin will continue its role as an upstream operator, the company added.

The APLNG facility in Queensland is one of the largest producers of natural gas in eastern Australia.

EIG said in a statement that the deal was a "continuation of its strategy to gain exposure to high-quality LNG assets" and that it had received approval from the Australian Foreign Investment Review Board.

Origin said last week it was expected to benefit from high commodity prices at a time when its energy markets struggle from a collapse in wholesale electricity prices.

($1 = 1.3398 Australian dollars)