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Chevron and GS Caltex sign new gas deal for delivery of LNG to South Korea

February 19/2019

MOSCOW (MRC) -- Chevron USA., a wholly-owned subsidiary of Chevron Corp., has signed a new sales and purchase agreement with GS Caltex Corp. for the delivery of liquefied natural gas (LNG) to South Korea from Chevron's global supply portfolio, according to Apic-online.

GS Caltex, a petrochemicals joint venture of Chevron and GS Energy, will begin receiving LNG in October 2019.  Chevron has an existing LNG sales and purchase agreement with GS Caltex, which was executed in 2009.

"We're proud of our partnership with GS Caltex and we welcome this opportunity to build on that relationship by supplying LNG to South Korea's growing market," noted Hugh Connett, president of global gas at Chevron.

As MRC reported earlier, South Korean GS Caltex is planning to invest approximately USD1.8-billion to build a new olefins production plant in Yeosu, South Korea.The project involves construction of the company's first mixed feed cracker, which will have the capacity to produce 700,000 t/y of ethylene and 500,000 t/y of polyethylene.  Construction is expected to start this year with operations anticipated to begin in 2022.

GS Caltex is an equally-owned joint venture of GS Holdings and Chevron.
Author:Margaret Volkova
Tags:PE, crude and gaz condensate, ethylene, gas processing, petrochemistry, Chevron, GS Caltex, USA, South Korea.
Category:General News
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