Rochester,NY 8/27/2009 10:55:31 PM
Chevron Corp. CVX, won approval from Australia for a $42 billion project
Chevron Corp.
Chevron Corp. won approval from Australia for a $42 billion liquefied natural gas venture on a remote island off Australia's west coast. Australia added stricter conditions to mollify environmentalists who are worried about the impact of the project. The Gorgon project can now proceed within a nature reserve.
The decision clears one of the final obstacles to Chevron, Royal Dutch Shell and Exxon Mobil building the project on Barrow Island.
The venture may produce its first liquefied natural gas in 2014. Gorgon has contracts to supply fuel to China, India and Japan.
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