Chevron Australia, LNG unions extend pay deal talks to Thursday
Reuters
Published Oct 11, 2023 12:41AM ET
Updated Oct 11, 2023 01:05AM ET
By Lewis Jackson
SYDNEY (Reuters) -Chevron and unions representing workers at its two liquefied natural gas (LNG) facilities in Australia made progress in talks over pay and conditions on Wednesday and would meet again on Thursday, a union representative said.
With workers threatening to resume strikes from next week at the facilities that supply around 6% of the world's LNG, Chevron (NYSE:CVX) and unions were holding negotiations before Australia's industrial arbitrator, the Fair Work Commission.
This is the second round of talks mediated by the commission in roughly as many weeks. Unions halted weeks of strikes at Chevron's sites in late September after an earlier round of talks produced a deal.
However, unions subsequently accused Chevron of reneging on certain commitments and said on Monday they would restart strikes on Oct. 19.
Chevron said on Monday the disagreements only concern a few issues, including reimbursement for travel and meals and it is committed to reaching a deal.
While Asian spot LNG prices LNG-AS on Friday retreated from 7-month highs on muted demand, the strike threat pushed up European gas prices NG/EU at the start of the week and have been further boosted by damage to a Finnish gas pipeline and as Middle East violence raised supply concerns.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.