ChevronTexaco Into New Territory

ChevronTexaco has announced that it would begin operation of its first LNG tanker, the Northwest Swan. The vessel, to be delivered by the end of the month, is the newest for Australia's North West Shelf Project, in which Chevron is a 16.66% shareholder.

Other than its stake in the Northwest Shelf project, which owns the tankers used for deliveries, ChevronTexaco does not own or operate any LNG tankers. It is not clear if the super major has plans to invest in any other LNG tankers in the future, according to company spokesman Greg Hardy.

The Northwest Swan was constructed at the Daewoo Yards in South Korea.