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May 06, 2005 - 11:50 AM

Chevron Doubles Down On LNG Bet

by Jamie Court
 
When ChevronTexaco announced its purchase of Unocal on April 4th, Arnold Watch noted that the purchase was a bet that Liquefied Natural Gas (LNG) would eventually be a major energy source for California and that Arnold would be its pitchman. (Particularly given Schwarzenegger Chief of Staff Pat Clarey's role as former Chevron lobbyist and the $222,200 the company has already invested in Arnold's political prospects.) Well, campaign finance reports now show that four days after the Unocal acquisition - on April 8th - Chevron dumped another $50,000 into the Team Arnold initiative fund, the misnamed "Citizens to Save California Committee." Yesterday, Chevron purchased two LNG carriers from South Korea's Samsung Heavy Industries to support growth in Chevron's LNG business. "This latest commitment provides ChevronTexaco with a flexible and competitive means of transportation to underpin the company's LNG growth strategies," said ChevronTexaco global gas president John Gass. The same could be said for ChevronTexaco's continued investment in Arnold and his ability to turn around his plummeting approval rating.






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