Chevron LANDS Gas Deal and 3 Dow Movers to Watch

Chevron Corporation’s (NYSE:CVX) Australian subsidiaries have entered binding agreements with Tokyo Electric Power Co., or TEPCO, for liquefied natural gas offtake and equity interests in the parent company’s Wheatstone Project. The deal will allow TEPCO to buy an additional 0.4 million tons of liquified natural gas yearly from the Wheatstone Project in a period lasting 20 years. TEPCO will also purchase from Chevron, through a linked company, a 10 percent participating interest in the Wheatstone field licenses, plus an eight percent interest in the Wheatstone natural gas processing facilities. The sum of these transactions, as well as the previously announced sales and purchase arrangement, boosts TEPCO’s total Wheatstone LNG offtake to 4.2 million tons per annum.

General Electric Co. (NYSE:GE) says that its heavy duty Frame 9E gas turbine system is being furnished to Japanese steel producer JFE Steel, for a steel gas-to-energy recovery project at the latter’s East Japan Iron Works in Chiba City. GE’s 9E gas turbine as well as a GE-designed 9A5 generator and associated equipment, will be installed at JFE’s new 150-megawatt, multiple fuel, combined-cycle power facility, by Toshiba Plant Systems & Services Corporation, which is an engineering, procurement and construction contractor.

Hewlett-Packard Company’s (NYSE:HPQ) HP Enterprise Services reported Monday that its parent company has inked a multiyear agreement contract with Procter & Gamble (NYSE:PG) which will help provide an “Always On” operating environment that allows the consumer products major to keep products moving on a timely basis, from production to shoppers’ carts in the retail store.

Intel Corporation’s (NASDAQ:INTC) new Intel Xeon Phi coprocessors will entail the supercomputer code-named “Cascade”, which is Cray’s (NASDAQ:CRAY) next-generation product. The latter, which is a worldwide supercomputer leader, announced the pairing at the 2012 International Supercomputing Conference in Hamburg. The Intel Xeon Phi product line is based upon Intel’s Many Integrated Core, or Intel MIC, architecture, which is specifically made for highly parallel workloads.

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