SAN RAMON, Calif., Feb. 15 /PRNewswire-FirstCall/ -- Chevron
Corporation (NYSE: CVX) today announced that it has received approval from
the Federal Energy Regulatory Commission (FERC) to build the proposed
Casotte Landing regasification facility in Jackson County, Miss., adjacent
to the Chevron Pascagoula Refinery.
"This approval marks another milestone in Chevron's strategy to deliver
clean-burning natural gas to markets where demand is increasing. An
integral component of that strategy is securing attractive regasification
capacity targeting key North American regions," Bruce Johnson, vice
president Regasification Ventures, Chevron Global Gas said, "Casotte
Landing provides another link in Chevron's gas network and will serve us
well as supply projects come online over the next decade."
The proposed Casotte Landing project would process liquefied natural
gas (LNG) for distribution to industrial, commercial and residential
customers in Mississippi, Florida and the Northeast. The facility would
have a nominal processing capacity of 1.3 billion cubic feet per day
(Bcf/d) of natural gas, enough natural gas to provide energy to 1.6 million
homes daily.
"Casotte Landing would integrate with the refinery in a way that is
mutually beneficial to both operations," said Roland Kell, Pascagoula
Refinery general manager. "There are many inherent synergies with locating
a refinery and a natural gas import terminal together, including marine
operations and closed-loop regasification. Chevron continues to develop and
operate facilities with the highest safety standards."
Chevron also has contracted for 1 Bcf/d of regasification capacity at
Cheniere's Sabine Pass LNG receiving terminal located in southwestern
Louisiana. Construction at the facility is approximately 55 percent
complete and the terminal is expected to be in operation in the second
quarter of 2008, with Chevron's commitment beginning mid-2009. Together,
Sabine Pass capacity and the Casotte Landing facility can be integrated
into Chevron's extensive U.S. Gulf Coast pipeline, storage and terminal
infrastructure.
Chevron Corporation is one of the world's leading energy companies.
With more than 55,000 employees, Chevron subsidiaries conduct business in
approximately 180 countries around the world, producing and transporting
crude oil and natural gas, and refining, marketing and distributing fuels
and other energy products. Chevron is based in San Ramon, Calif. More
information on Chevron is available at http://www.chevron.com.
Cautionary Statement Relevant to Forward-Looking Information for the
Purpose of "Safe Harbor" Provisions of the Private Securities Litigation
Reform Act of 1995.
Some of the items discussed in this press release are forward-looking
statements about Chevron's activities related to commercializing its
natural gas resource base. Words such as "anticipates," "expects,"
"intends," "plans," "targets," "projects," "believes," "seeks,"
"estimates," "budgets" and similar expressions are intended to identify
such forward-looking statements. The statements are based upon management's
current expectations, estimates and projections; are not guarantees of
future performance; and are subject to certain risks, uncertainties and
other factors, some of which are beyond the company's control and are
difficult to predict. Among the factors that could cause actual results to
differ materially are changes in demand for and supply of crude oil and
natural gas; results of additional testing; selection and successful
execution of development plans; actions of competitors; the potential
disruption or interruption of project activities due to war, accidents,
political events, civil unrest or severe weather; and general economic and
political conditions. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. Unless legally required, Chevron undertakes no obligation to
update publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE Chevron Corporation
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Related links:
http://www.chevron.com/
CONTACT:
Houston, Margaret Cooper of Chevron
Corporation, +1-832-854-6239
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