Chevron Corp. Signs 20 Year Gas Deal With Kyushu Electric

By San Francisco Business Times

Chevron Corp. signed a 20 year deal to sell liquefied natural gas to Japanese utility Kyushu Electric Power Co.

Kyuden, as the utility is known, will be getting 0.3 million tons of natural gas a year from Chevronâ¿¿s big Gorgon development off the coast of Australia. Kyuden is also looking to use some gas from another Chevron project, Wheatstone, also off Australiaâ¿¿s northwest coast, though that project is not as far along as Gorgon. The first supplies from Gorgon are likely to arrive in 2014. Chevron has a 47 percent interest in Gorgon, and is the operator there.

San Ramon-based Chevron (NYSE: CVX) made the deal through its Australian subsidiary.

John Gass is president of Chevron Global Gas. Jim Blackwell is president of Chevron Asia Pacific Exploration and Production Co.

Chevron didnâ¿¿t give a price in this agreement.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/sanfrancisco/news/2011/01/24/chevron-corp-signs-20-year-gas-deal.html?ana=thestreet

Copyright bizjournals.com 2010

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