Chevron Subsidiaries Sign Agreement with SK LNG

Chevron Corp. (NYSE:CVX) announced that its Australian subsidiaries have signed a sales and purchase agreement (SPA) with SK LNG Trading Pte. Ltd. (SK).

As quoted in the press release:

Under the SPA, SK LNG Trading, which is part of a leading industrial conglomerate in South Korea, will receive 4.15 million tons of LNG over a five-year period starting in 2017.

During the time of this agreement, over 75 percent of Chevron’s equity LNG from Gorgon will be committed to customers in Asia.

Pierre Breber, president of Chevron Gas and Midstream, stated:

This agreement is an important step in the commercialization of Chevron’s significant natural gas holdings in Australia. As Chevron continues to grow into one of the world’s largest LNG suppliers, this SPA represents further progress and diversification of our sales portfolio.

Click here for the full Chevron Corp. (NYSE:CVX) press release