Chevron inks LNG supply deal with China's JOVO Group

Chevron USA has signed on July 20, 2016, an agreement to deliver LNG to Singapore Carbon Hydrogen Energy’s subsidiary Jovo. Chevron stock is rising in after-hours trading after the company announced a partnership with the Chinese JOVO.

Chevron Corporation confirmed that its wholly-owned subsidiary, Chevron U.S.A. Inc., has signed an Agreement with Singapore Carbon Hydrogen Energy Pte. Ltd., a subsidiary of JOVO, for the delivery of LNG from Chevron’s global supply portfolio.
When the LNG Sale and Purchase Agreement is finalized, JOVO is expected to receive up to 0.5 million metric tons per annum of LNG over five years, with the first delivery expected to arrive in 2018.

«This agreement is another important step in the commercialization of Chevron’s natural gas holdings,» said Mike Wirth, executive vice president, Chevron Midstream and Development. «We are positioned to become one of the top 10 LNG suppliers in the world.»

Shares of Chevron are advancing by 0.01% to $105.60 in after-hours trading on July 20, 2016, after the company announced a partnership with JOVO subsidiary Singapore Carbon Hydrogen Energy Pte.

JOVO is a privately-owned Chinese energy company.
Its LNG business portfolio 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.