Chevron Seals Binding LNG Sales Deal With Japan's JX Holdings
10 Mai 2011 - 8:53AM
Dow Jones News
Chevron Corp. (CVX) said Tuesday it has signed a binding
agreement with Japan's JX Holdings Inc. (5020.TO) to sell liquefied
natural gas from the A$43 billion Gorgon project in Western
Australia state.
Finalization of the deal follows the signing of a preliminary
agreement in January, and comes as Japanese customers seek to lock
in long-term LNG supply following the earthquake and tsunami that
caused widespread damage to Japan on March 11.
JX Nippon Oil and Energy Corp., a unit of JX Holdings, will take
300,000 metric tons of LNG annually from the Gorgon project for 15
years--in line with the terms agreed in the initial deal with
Chevron.
Chevron said Gorgon, which it operates with a 47% stake, is
progressing well and first gas is still scheduled to be shipped in
2014. The project counts ExxonMobil Corp. (XOM) and Royal Dutch
Shell PLC (RDSB.LN) as major shareholders.
In addition to JX Holdings, Gorgon's customers include Osaka Gas
Co. (9532.TO), Tokyo Gas Co. (9531.TO), PetroChina Co. (PTR) and
India's Petronet LNG Ltd. (532522.BY).
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692;
Ross.Kelly@dowjones.com
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