Chevron, JOVO Agree on LNG Supply Terms
Chevron Corporation announced that its wholly-owned subsidiary, Chevron U.S.A. Inc., has signed a Key Terms Agreement with Singapore Carbon Hydrogen Energy Pte. Ltd., a subsidiary of JOVO, for the delivery of liquefied natural gas (LNGLF) (LNG) from Chevron (CVX)’s global supply portfolio.
When the LNG Sale and Purchase Agreement is finalized, JOVO is expected to receive up to 0.5 million metric tons per annum of LNG over five years, with the first delivery expected to arrive in 2018.
“This agreement is another important step in the commercialization of Chevron’s natural gas holdings,” said Mike Wirth, executive vice president, Chevron Midstream and Development. “We are positioned to become one of the top 10 LNG suppliers in the world.”
JOVO is a privately-owned Chinese energy company. Its LNG business portfolio 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.
