press release

Chevron Press Release - Chevron Hosts Reverse Trade Mission From Angola

SAN FRANCISCO, Oct. 21, 1999 -- In support of the new Bilateral Consultative Commission (BCC) formed to promote a strategic economic partnership between the United States and the Republic of Angola, Chevron announced today that it is hosting a delegation of Angolan businesspeople touring the United States.

The delegation, a group of Angolan entrepreneurs, is meeting with American businesspeople in the fishing, poultry and timber industries to compare and discuss business practices and target development opportunities in Angola.

"We applaud the governments of the United States and Angola for the formation of the BCC, and see it as a cornerstone for strengthening relations between our two countries," said Richard Matzke, president of Chevron Overseas Petroleum Inc. and a director of Chevron Corp.

Chevron is one of the largest investors in sub-Saharan Africa and has been actively exploring for and producing crude oil in Angola for more than 40 years.

"We are in a position to help Angola achieve its dual objectives of growing its economy and better meeting the social needs of its people," Matzke said. "And we are committed to help."

"A more substantive U.S./Angola bilateral relationship based on a recognition of common interests is key to identifying priorities and accelerating the rate of investments -- both in the business arena and in local communities," Matzke added.

The reverse trade mission is underwritten by Chevron with support from the U.S. government and the U.S./Angola Chamber of Commerce. It is a significant first step in transferring knowledge and technology from experienced businesspeople in the United States to their Angolan counterparts in the fishing, poultry and timber industries.

In addition to becoming familiar with "best business practices," the reverse trade mission is expected to serve as a catalyst to encourage American -- and eventually worldwide -- business operators to invest in local businesses for the provision of goods and services to help expand the local market and reduce dependence on imports.

Mark Puckett, managing director of Chevron's Cabinda Gulf Oil Co., noted, "Examples of potential businesses that might be 'targeted' include food and clothing production, construction, and facilities maintenance. International business operators can provide a reliable foundation market for these new businesses and can assume a leadership role by working to develop new businesses to satisfy their ongoing requirements."

Skills development programs in Angola and other nations must be expanded -- with the help of companies like Chevron -- to ensure that entrepreneurs have the tools to start and manage their own businesses, he said. Developing entrepreneurs want to broaden their knowledge of western business practices to help grow their economies and enhance their quality of life.

"Many of the initiatives we have undertaken in Angola -- and elsewhere -- could be relevant to other companies operating in Angola," said Puckett. "We're very willing to share our experience and knowledge with government representatives from Angola and the United States, as well as with other companies working in Angola."

Notes to editors:

  • For more than 40 years, Chevron has been a partner with Angola in its efforts to develop the Angolan economy. Angolan oil production is centered on Chevron's operations in Cabinda through the Cabinda Gulf Oil Co. Ltd. joint venture. Angolan crude constitutes 50 percent of Angola's GDP.
  • Chevron has taken a leadership role in passage of the African Growth and Opportunity Act. While some of the trade privileges in the bill are designed to immediately benefit the larger markets, the most critical trade benefits are directed toward the smaller, less developed economies.
  • Along with significant contributions to economic development, Chevron and its partners make additional investments in educational, health, and job training programs.
  • Chevron supports several new business developments in Angola including the Futila Industrial Park, capacity and maintenance improvements for ENE, the National Power Company, a shipyard at Lobito where the first two platforms were recently constructed in support of Chevron's Block 0 operations, and various technical and logistical services companies.
  • Chevron sponsors business enablers in Angola and in other countries where it operates, i.e., seminars, trade fairs, and the reverse trade mission to the United States.

Updated: October 1999