ChevronTexaco in Deal With Australian Project

ChevronTexaco Corp. said it signed a memorandum of understanding with an Australian venture to distribute at least 2 million metric tonnes, or 4.4 billion pounds of liquefied natural gas to California and other West Coast markets for 20 years starting in 2008.

The deal involves the San Ramon, Calif.-based company and the Gorgon Joint Venture, which is developing a huge natural gas field off the West coast of Australia. ChevronTexaco is a part owner of the Gorgon project, along with Royal Dutch/Shell and Exxon Mobil Corp. ChevronTexaco also is seeking to build a terminal off the coast of Baja California that would accept deliveries of liquefied natural gas.

Elizabeth Douglass