Chevron Says Natural Gas Is More Than Just a Transitional Fuel
- Company seeing lengthening of gas-import contracts in Europe
- Shareholders last week shot down tougher emission targets
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Chevron Corp. said natural gas will play a long-term role in curbing climate-damaging emissions, bucking some environmental groups that see the fuel’s role as a temporary bridge to a low-carbon economy.
To that end, European buyers are signing more gas-delivery contracts of a decade or more in duration as they seek replacement sources of the heating and power-plant fuel formerly supplied by Russia, said Colin Parfitt, Chevron’s vice president of midstream.