SAN RAMON, Calif., April 17, 2012 - Chevron Corporation (NYSE: CVX) today announced that its Australian subsidiaries have signed a non-binding Heads of Agreement (HOA) with Chubu Electric Power Company Incorporated (Chubu) for the delivery of liquefied natural gas (LNG) from the Chevron-operated Wheatstone natural gas project in Australia.
Under the agreement, Chevron, together with Apache Energy and KUFPEC, is expected to deliver 1 million tons per annum (MTPA) of LNG to Chubu for up to 20 years.Joe Geagea, president, Chevron Gas and Midstream, said today's agreement further strengthened the company's relationship with Chubu, which is also a foundation customer and participant in the Gorgon Project.
"Chubu is a long term customer of our Australian natural gas portfolio and is due to receive 2.5 MTPA of LNG collectively from the Gorgon and Wheatstone projects."
Roy Krzywosinski, managing director, Chevron Australia, said, more than 70 percent of Chevron's equity LNG from Wheatstone is now covered under long-term off-take agreements with customers in Asia.
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