Chevron Corp. (NYSE: CVX) said July 20 it will deliver LNG to JOVO, a privately-held Chinese energy company.
Chevron U.S.A. Inc., a subsidiary of the San Ramon, Calif.-based company, signed an agreement with a JOVO subsidiary for the delivery of up to 0.5 million metric tons per annum of LNG over five years.
Mike Wirth, executive vice president of Chevron Midstream and Development, called the agreement another important step in the commercialization of the company's natural gas holdings.
"We are positioned to become one of the top 10 LNG suppliers in the world," Wirth said in a statement.
The first delivery is expected to arrive in 2018, according to the release. JOVO's LNG business includes a LNG receiving terminal, tank truck operations, urban pipelines for natural gas, automobile gas refilling stations, direct industrial clients, power plant customers and exclusive management of an industrial park in South China.
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