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4-Traders Homepage  >  Equities  >  Tokyo  >  Chubu Electric Power Co Inc    9502   JP3526600006

CHUBU ELECTRIC POWER CO INC (9502)
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Chevron signs LNG deal with Tohoku Electric

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05/13/2012 | 06:10am CET

ADELAIDE (Reuters) - Chevron Corp (>> Chevron Corporation) has signed a preliminary agreement to sell Japan's Tohoku Electric (>> Tohoku Electr.Power) one million tonnes of liquefied natural gas per year for 20 years, the U.S. oil major said on Sunday.

ADELAIDE (Reuters) - Chevron Corp (>> Chevron Corporation) has signed a preliminary agreement to sell Japan's Tohoku Electric (>> Tohoku Electr.Power) one million tonnes of liquefied natural gas per year for 20 years, the U.S. oil major said on Sunday.

The gas will come from its Wheatstone plant in Australia, Roy Krzywosinski, Chevron Austalia's managing director told reporters in Adelaide, adding that with this sale more than 80 percent of the gas from the 8.9 million tonnes per year (mtpa) Wheatstone project had been sold to Asian customers.

Wheatstone, located off the coast of Western Australia, is currently under construction, with the first gas shipments expected in 2016.

Chevron plans to eventually expand the production of the $29 billion Wheatstone LNG plant to 25 mtpa.

Chevron is positioning itself to become one of the largest LNG producers in Australia. Its $37 billion Gorgon project, also off Western Australia, will produce 15 mtpa by 2014.

The construction of Gorgon is now 40 percent complete, and Chevron expects to start the front end engineering and design phase for a fourth train on its current three-train project at the end of this year, Krzywosinski said.

The LNG deal comes as Japan's dependence on gas-fired power increases as it struggles to replace the nuclear capacity that has been taken offline since last year's earthquake and tsunami triggered the Fukushima nuclear crisis.

Tohoku is one of several Asian utilities to buy supplies from Wheatstone, including Chubu Electric Power (>> Chubu Electric Power), Tokyo Electric Power Company (TEPCO) (>> Tokyo Elec. Power) and Kyushu Electric (>> Kyushu Electr.Power).

Chevron's partners in the Wheatstone project are Apache Corporation (>> Apache Corporation), Kuwait Foreign Petroleum Exploration Company (KUFPEC), Royal Dutch Shell <RSDa.L> and Kyushu Electric.

Australia is expected to surpass Qatar as the top LNG exporter by the end of the decade, when it would have quadrupled its current production of about 20 mtpa.

(Reporting by Rebekah Kebede; Editing by Jeremy Laurence)

Valeurs citées dans l'article
ChangeLast1st jan.
APACHE CORPORATION 0.50% 38.3 Delayed Quote.-9.52%
CHEVRON CORPORATION -1.03% 110.98 Delayed Quote.-9.23%
CHUBU ELECTRIC POWER CO INC 0.32% 1412.5 End-of-day quote.-0.32%
KYUSHU ELECTRIC POWER COMPANY, INC. 0.65% 1231 End-of-day quote.2.75%
TOHOKU ELECTRIC POWER CO., INC. 0.14% 1394 End-of-day quote.-4.13%
TOKYO ELECTRIC POWER COMPANY HOLDING INC 0.72% 417 End-of-day quote.-7.54%
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Financials ( JPY)
Sales 2018 2 760 B
EBIT 2018 132 590 B
Net income 2018 79 632 M
Debt 2018 2 601 B
Yield 2018 2,37%
P/E ratio 2018 13,39
P/E ratio 2019 12,22
EV / Sales 2018 1,33x
EV / Sales 2019 1,28x
Capitalization 1 067 B
Chart CHUBU ELECTRIC POWER CO IN
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Chubu Electric Power Co In Technical Analysis Chart | 9502 | JP3526600006 | 4-Traders
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Mean consensus HOLD
Number of Analysts 7
Average target price 1 538  JPY
Spread / Average Target 9,3%
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Satoru Katsuno President & Representative Director
Akihisa Mizuno Chairman
Kazuhiko Okabe General Manager-Technology Development
Yoshinori Masuda Representative Director & Executive Vice President
Masanori Matsuura Representative Director & Executive Vice President
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