NEW YORK (AP) -- Tokyo Electric Power Co. will buy more liquefied natural gas from Chevron and invest in some of the company's Australian operations.
Terms of the deals were not disclosed Monday.
Chevron, based in San Ramon, Calif., said that Tokyo Electric increased its long-term contract for liquefied natural gas by 400,000 million tons per year, or nearly 11 percent, from Chevron's Wheatstone natural gas project. In addition, Tokyo Electric will buy a 10 percent stake in Chevron's Wheatstone field licenses and an 8 percent stake in Wheatstone natural gas processing facilities.
Chevron's $29 billion Wheatstone project, located in western Australia, is expected to begin exporting liquefied natural gas in 2016.
Shares of Chevron Corp. fell by 73 cents to $103.60 in premarket trading as the price of crude slid.
