American multinational energy corporation Chevron signed a new sales and purchase agreement with South Korean oil refiner GS Caltex Corporation for the delivery of liquefied natural gas (LNG) to South Korea.
As a joint venture between Chevron and GS Energy, GS Caltex has signed a long-term agreement and will begin receiving LNG in October 2019, said a press release from the U.S. oil and gas major.
Chevron’s President of Global Gas, Hugh Connett stated the agreement is another indication of the significance of the long-standing relationship between Chevron and GS Caltex.
“We’re proud of our partnership with GS Caltex and we welcome this opportunity to build on that relationship by supplying LNG to South Korea’s growing market,” Connett said.
Chevron has an existing LNG sales and purchase agreement with GS Caltex executed in 2009.
Chevron owns 50% of GS Caltex and is the operator (50%) of the three-train 15 million mt/year Gorgon LNG export plant in Australia. The other shareholders of Gorgon are ExxonMobil (25%) and Shell (25%).
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