Asia Business News

Chevron signs Big Deals with Osaka Gas (TYO:9532), Tokyo Gas (TYO:9531) and GS Caltex

Thursday September 10 5:25 PM

Sydney, Australia, Sep 10, 2009 - (ABN Newswire) - Chevron Australia Ltd has signed gas deals worth A$70 billion to sell liquefied natural gas (LNG) to Japan and South Korea, the world's two largest LNG import markets.

Chevron has entered three binding sales agreements to supply in total nearly 3 million tons a year of LNG from its proposed Gorgon project to Japan's Osaka Gas Co. Ltd and Tokyo Gas Co. Ltd., as well as South Korea's GS Caltex Corporation.

Osaka Gas. will buy 1.375 million tons per annum (mtpa) of LNG, commencing in the second half of 2014 for 25 years, while Tokyo Gas will purchase 1.1 mtpa over the same period.

South Korea's GS Caltex Corporation will be sold 0.5mtpa of LNG for up to 20 years, with gas sourced from Gorgon and other areas.

The deals come after PetroChina's (SHA:601857)(HKG:0857) agreement to buy A$50 billion worth of LNG from the Gorgon project over 20 years. The company said it expected further sales of Gorgon LNG in the coming months.

Contact:
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net


Source:
ABN http://www.abnnewswire.net

Copyright (C) 2009 ABN Newswire. All rights reserved.
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