Chevron deal may boost spot mar­ket

China Daily (USA) - - BUSINESS -

Chevron Corp’s liq­ue­fied nat­u­ral gas sup­ply deal with China’s ENN LNG Trad­ing Co may boost the for­ma­tion of a spot mar­ket for the fuel in Asia. Chevron signed a 10-year sup­ply deal with ENN to sup­ply up to 650,000 met­ric tons per an­num of LNG, with first de­liv­ery ex­pected in 2018 or in the first half of 2019, Chevron said in a state­ment onMon­day. ENN is a sub­sidiary of ENN En­er­gyHold­ing, which is one of China’s largest gas dis­tri­bu­tion com­pa­nies and op­er­ates in 150 Chi­nese ci­ties. The firm is also con­struct­ing a LNG im­port ter­mi­nal in city of Zhoushan that is planned to start by 2018. Chevron ex­pects to sup­ply ENN through its ex­ist­ing LNG as­sets, “in­clud­ing the com­pany’s Aus­tralian LNG in­ter­ests at Gor­gon, Wheat­stone and theNorthWest Shelf”, the state­ment said.

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