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    Chubu Electric takes stake in Gorgon
    December 17, 2009 - 10:59AM


    Japan's Chubu Electric has signed a long-term offtake agreement for natural gas from the $43 billion Gorgon project, and has bought into the development.

    Chubu signed a long-term sale and purchase agreement for 1.44 million tonnes of liquefied natural gas (LNG) per annum for 25 years.

    The Australian government has estimated two separate Gorgon gas deals to sell a total of 2.475 million tonnes per annum for 25 years could generate $70 billion in exports.

    The Japanese company also will buy a 0.417 per cent stake in the project from operator Chevron Australia Pty Ltd.

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