Chevron Inks LNG Supply Deal with China's JOVO Group
Chevron Corp. reported Wednesday that its wholly-owned subsidiary, Chevron U.S.A. Inc., has signed an agreement with Singapore-based Carbon Hydrogen Energy Pte. Ltd., a unit of China's JOVO Group Co., to supply liquefied natural gas (LNG) from its global supply portfolio.
Under the LNG Sale and Purchase Agreement, JOVO would receive up to 0.5 million metric tons per annum of LNG over five years, with the first cargo scheduled for 2018.
“This agreement is another important step in the commercialization of Chevron’s natural gas holdings,” Mike Wirth, Chevron Midstream and Development executive vice president, said in the press release.
The LNG business portfolio of JOVO, a privately-owned Chinese energy company, includes a LNG receiving terminal, tank truck operations, urban pipelines for natural gas, automobile gas refilling stations, direct industrial clients, power plant customers and exclusive management of an industrial park in South China.
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