Chevron signed its second agreement in the past month to sell LNG to China, Bloomberg reports. The company is preparing to begin shipments from its $54b Gorgon project off northwest Australia. Under the new deal, Chevron will supply ENN Energy Holdings with as much as 500,000 metric tons of LNG from Gorgon. Deliveries will begin in 2018 or 2019 and last 10 years.
The news comes after a week of fear over the Chinese economy, which grew by only 6.9% in 2015 – its slowest growth rate in 25 years, according to BBC. However, Chinese oil demand hit a record high in 2015, wrote Reuters, which pushed oil prices up slightly, despite global oversupply.