Chevron Corp.'s Gorgon liquefied natural gas project completed agreements to sell stakes in the Western Australian venture and 70 billion Australian dollars ($60 billion) worth of the fuel to Japan and South Korea.
Chevron, which has the right to sell half the output from the 15 million metric ton-a-year plant, will ship 1.1 million tons annually to Tokyo Gas Co. and 1.375 million tons to Osaka Gas Co. for 25 years starting in 2014, the company said Thursday in a statement. It agreed to supply 0.5 million tons a year to South Korea's GS Caltex Corp. for 20 years.
Chevron and its partners in the A$50 billion venture, Royal Dutch Shell PLC and Exxon Mobil Corp., are "just a matter of weeks" from making a final decision on whether to proceed with the project, the head of Chevron's Australian operations said Sept. 1. The three contracts could deliver A$70 billion in exports, to Australia, Prime Minister Kevin Rudd said Thursday in Parliament.