Chevron Corporation (NYSE: CVX) today announced that its Australian subsidiaries have signed binding long-term Sales and Purchase Agreements (SPAs) with Chubu Electric Power Company Inc. (Chubu) for liquefied natural gas (LNG) from the Wheatstone Project in Western Australia.

Under the agreements Chevron, together with Apache Energy and Kuwait Foreign Petroleum Exploration Company, will supply Chubu with 1 million tons per annum (MTPA) of LNG for up to 20 years.

Joe Geagea, president, Chevron Gas and Midstream, said, "Chubu, one of the world's leading LNG customers, is now a partner and customer of the Chevron-operated Gorgon Project. We are pleased to expand the strong partnership between our two companies with these SPAs for Wheatstone LNG."

Roy Krzywosinski, managing director, Chevron Australia, said, "More than 80 percent of Chevron's equity LNG from Wheatstone is covered under long-term off-take agreements with customers in Asia. The agreements demonstrate that Wheatstone is well-placed geographically to meet the Asia Pacific region's growing demand for a safe, reliable and cleaner-burning source of energy."

The Chevron-operated Wheatstone Project is located at Ashburton North, 7.5 miles (12 kilometres) west of Onslow in Western Australia. The project will consist of two LNG trains with a combined capacity of 8.9 million tons per annum and a domestic gas plant.

The Wheatstone Project is a joint venture between Australian subsidiaries of Chevron (64.14%), Apache Energy (13%), Kuwait Foreign Petroleum Exploration Company (7%), Shell (6.4%), and Kyushu Electric Power Company (1.46%), together with PE Wheatstone Pty Ltd. (part owned by Tokyo Electric Power Company, 8%).

Mitsubishi Electric Corporation (TOKYO: 6503) announced that its sales subsidiary Mitsubishi Electric Turkey A.Ş. has acquired its local industrial automation sales and distribution partner GENEL TEKNİK SİSTEMLER SANAYİ ve TİCARET ANONİM ŞİRKETİ (GTS). The acquisition will allow Mitsubishi Electric to accelerate its industrial automation systems business in Turkey for strengthened local sales and solutions, aiming at industrial automation sales of JPY 3 billion in Turkey by the fiscal year ending March 2016.

As a result of the acquisition, GTS, a local partner for some 20 years and currently functioning with a workforce of 42, will merge with Mitsubishi Electric Turkey and begin operating under the new structure in May.

Turkey's industrial automation market is expected to grow by more than 10% annually due to increasing demand in the automotive, food and beverage industries. GTS has built strong relationships in these industries by providing technical support and solutions to industrial automation equipment manufacturers. Mitsubishi Electric will leverage these relationships and GTS's expertise to strengthen its solution business and penetrate more deeply into this fast-growing market under a growing commitment to provide quality products and services to customers in Turkey and other markets of Central Asia.

Hindustan Petroleum Corp. Ltd. and the government of the Indian state of Rajasthan have signed a memorandum of understanding envisioning a refinery and petrochemical complex at Barmer, near oil fields producing and under development by Cairn India Ltd.  The project, for which no capacity was announced, would be developed by state-owned HPCL, Rajasthan State Refinery Ltd., and other equity partners.

The Indian Ministry of Petroleum and Natural Gas estimated the project cost at $6.85 billion and construction time at 4 years.  It said the complex would use crude oil produced locally and from elsewhere. The complex would represent Rajasthan’s first refinery and India’s first petrochemical plant designed to process indigenous crude oil.

Cairn India, in partnership with state-owned Oil & Natural Gas Corp., is producing about 175,000 b/d of waxy crude oil from a block near Barmer—150,000 b/d from Mangala field and 20,000-25,000 b/d from Bhagyam field. It expects to bring Aishwariya field online soon. It continues to explore in the area

Daelim will make inroads into Pakistan’s Lower Spat Gah waterpower generation market together with Korea Midland Power. Daelim Vice Chairman Kim Yun signed an MOU for hydropower plant construction and operation at the head office of Korea Midland Power in Daechi-dong, Seoul on Tuesday, March 5.

As the first public private partnership propelled by Pakistan’s government, the project seeks to construct and operate a 500MW hydropower plant. Total project cost is USD 1 billion; currently, Pakistan’s government holds a 26% stake in the project, Korea Midland Power, 34%, Daelim, 14%, Lotte Engineering & Construction, 6%, and POSCO Engineering, 2%.

Of the total project cost, the construction amount is projected to be USD 750 million; Daelim’s construction stake is 63% (USD 470 million). The project is slated to commence construction in January 2016 and will be completed in December 2021.