press release

Chevron Press Release - Chevron Chemical Co. And Maraven To Conduct Feasibility Study

SAN RAMON, Calif., May 21, 1997 -- Chevron Chemical Co. today announced that it will conduct a joint feasibility study for the development of an integrated aromatics project at the Cardon Industrial Park on the Paraguana Peninsula, state of Falcon, Venezuela.

Chevron Chemical signed a Memorandum of Understanding to conduct the study with Maraven, a wholly-owned affiliate of Petroleos de Venezuela, S.A. (PDVSA). The study is expected to be completed by March 1998.

"We look forward to working with Maraven and other PDVSA affiliates in evaluating the prospect of a world-class petrochemical facility in Venezuela," said Chevron Chemical President John Peppercorn. "This project fits very well with our strategic objectives. Chevron's technology and global marketing capabilities coupled with Maraven's feedstocks would provide the basis for a cost-competitive petrochemical complex."

The joint feasibility study continues Chevron's presence in Venezuela and builds upon a unique alliance formed between Chevron and Maraven in 1995. In July 1996, Chevron became operator of Venezuela's giant Boscan field.

Chevron Chemical, headquartered in San Ramon, Calif., is a wholly owned subsidiary of Chevron Corp.

Updated: May 1997