Chevron and JOVO Sign LNG Agreement
San Ramon, California, July 20, 2016 – Chevron Corporation (NYSE: CVX) today 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 (LNG) from Chevron’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.
Chevron Corporation is one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; and additives; generates power and produces geothermal energy; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com
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Published: July 2016