Chevron Sells 10% Stake in Wheatstone LNG Project to Japan’s Tepco for $4B

By International Business Times,  June 19, 2012, 01:42:53 AM EDT

Chevron sold on Tuesday its 10 per cent stake in the Wheatstone liquefied natural gas ( LNG ) project in Western Australia to Tokyo Electric Power Company (Tepco) of Japan for $4 billion.

Chevron will also supply Tepco, which operated the damaged Fukushima Daiichi nuclear power plant, an additional 400,000 tonnes of LNG yearly sourced from the Wheatstone project. The supply agreement, which runs for 20 years, assured Tepco of a steady supply of LNG after the power firm veered away from nuclear power as main source of energy following the near nuclear disaster caused by the March 11, 2011 magnitude 9 earthquake and tsunami that shook Japan.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: LNG



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