SAN RAMON, Calif., Feb. 17, 2009 - Chevron Corporation (NYSE:CVX) announced today plans to commit $20 million over five years to form a partnership with the Qatar Science & Technology Park (QSTP) in Doha and establish a center of excellence in renewable power and energy efficiency.
The partnership with QSTP will create The Center for Sustainable Energy Efficiency, which intends to focus on developing technologies in lighting and cooling that work effectively in the Middle East climate. The center, expected to open in late 2009, also anticipates conducting research in the development and application of renewable power, such as solar, and developing and training Qatari engineers, scientists and students to build expertise and capabilities within the country.
"Chevron believes that energy efficiency and conservation are the most immediate and cost-effective sources of new energy, and we are proud to work in partnership with Qatar to help achieve environmentally responsible development and economic diversification - two important elements of Qatar's National Vision," said Chevron Vice Chairman Peter Robertson. "By bringing Chevron's global expertise in energy efficiency and renewable power to this premier center for research, learning and entrepreneurship, we can identify specific energy technologies that work well in the region's desert climate and develop capabilities within the country that ultimately will benefit Qatar and the entire region."
Said H.E., Qatar's Deputy Premier & Minister of Energy and Industry, Abdullah bin Hamad al-Attiyah: "I am very pleased to welcome Chevron's Center for Sustainable Energy Efficiency to QSTP in Qatar, and we look forward to a long partnership with Chevron. Establishment of this Center greatly enhances our ability to utilize Chevron's expertise and leadership in the area of energy efficiency and renewable energy technologies in the future, and for training Qatari engineers and scientists".
Dr. Tidu Maini, executive chairman of QSTP, added: "Finding smarter ways of using energy is no less important in Qatar than in the rest of the world. By taking a multidisciplinary and collaborative approach to energy research, Chevron's QSTP center will help position Qatar at the forefront of environmental technologies globally."
The Center for Sustainable Energy Efficiency will be supported by expertise in energy efficiency and renewable energy drawn from Chevron's technology companies, including Chevron Energy Solutions (CES), which has developed hundreds of projects involving energy efficiency and renewable power facilities for education, government and business customers across the United States. CES markets both energy efficiency and renewable energy technologies such as high-efficiency lighting, cooling, fuel cells, biomass and solar. Chevron recently endowed the Chevron Chair in Energy Efficiency at the Energy Efficiency Center at the University of California, Davis. The center is focused on developing new energy efficiency technology that can be commercialized globally.
Chevron Corporation is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of approximately 62,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.
Some of the items discussed in this press release are forward-looking statements about the activities of Chevron in Qatar. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates" and similar expressions are intended to identify such forward- looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.