SAN RAMON, Calif., May 3, 2005 /PRNewswire-FirstCall via COMTEX/ -- ChevronTexaco Corp. (NYSE: CVX) today announced that it has ordered two liquefied natural gas (LNG) carriers from Samsung Heavy Industries of South Korea to support the planned growth in the company's LNG business.
The new LNG carriers will have a capacity of 154,800 cubic meters each. Both carriers will be of membrane-type design and equipped with dual fuel diesel-electric propulsion. The two carriers are planned for delivery in 2009.
ChevronTexaco Global Gas President John Gass said: "ChevronTexaco has large holdings of natural gas resources in the Pacific and Atlantic Basins. The new LNG carriers will enable ChevronTexaco to safely deliver reliable and competitive energy services to our customers."
Gass noted, "It is important that our company invest now to meet the growing demand for energy in the future." He added, "ChevronTexaco is making good progress at securing market access for its LNG supply projects. This latest commitment provides ChevronTexaco with a flexible and competitive means of transportation to underpin the company's LNG growth strategies."
ChevronTexaco Shipping President Mike Carthew said: "ChevronTexaco is committed to bringing its strong record of safety, reliability and environmental performance to the operation of this newest generation of LNG carriers. The order for two LNG carriers marks a milestone for ChevronTexaco by complementing the various LNG export and import terminals the company is developing worldwide."
The two LNG carriers will be operated by ChevronTexaco. The company currently operates a fleet of approximately 30 oil and gas tankers.
About ChevronTexaco Global Gas
ChevronTexaco is one of the world's largest producers and marketers of natural gas, with approximately four billion cubic feet per day (bcfd) of net natural gas production and more than six bcfd in natural gas sales worldwide. ChevronTexaco Global Gas brings together all the key businesses involved in natural gas activities, linking production, liquefaction, shipping, regasification, marketing and trading, pipeline, power generation and gas-to-liquids (GTL) technology to the market place.
About ChevronTexaco
ChevronTexaco Corporation is one of the world's leading energy companies. With more than 47,000 employees, ChevronTexaco 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. ChevronTexaco is based in San Ramon, Calif. More information on ChevronTexaco is available at www.chevrontexaco.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 ChevronTexaco's LNG business. 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. You should not place undue reliance on these forward-looking statements, which speak only as of the date of the press release. Unless legally required, ChevronTexaco undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE ChevronTexaco Corp.