ChevronTexaco signs agreement with Sabine Pass LNG Terminal

A ChevronTexaco Global Gas affiliate has signed an initial 20-year agreement with Sabine Pass LNG L.P., a subsidiary of Cheniere Energy Inc., to secure 700 MMcf/d regasification capacity at Cheniere's Sabine Pass LNG terminal. Under the terms of this agreement and pursuant to the successful negotiation of definitive agreements, ChevronTexaco also has the option to obtain a 20% limited partner interest in Sabine Pass LNG.

John Gass, president of ChevronTexaco Global Gas said, "This agreement is a key element in our plans to pursue multiple LNG terminal opportunities to give us flexibility in delivering reliable and affordable supplies of clean natural gas into North America."

11-10-04