press release

Chevron Press Release - Chevron International Sells Shares In Nigerian Joint Ventures

SAN FRANCISCO, April 6, 1994 -- Chevron International Oil Company (CIOC) today announced that it has sold its shares in two joint ventures with the Nigerian National Petroleum Company to Vitol, a worldwide trading organization.

Terms of the sales were not disclosed.

The two joint-venture companies, Calson (Bermuda) Ltd. and Hyson (Nigeria) Ltd., were formed in 1988 to market surplus products from the Nigerian National Petroleum Company's Port Harcourt Refinery. CIOC owned 49 percent of Calson and 40 percent of Hyson.

In announcing the sale, CIOC President Al Caccamo noted that the transactions would not affect Chevron's other West African trading operations. "Chevron is among the top three crude oil producers in West Africa and is one of the world's largest traders of West African crude. We are committed to continued trading and processing activities in the Cote d'Ivoire, Zaire and the rest of West Africa," he said.

Caccamo noted that Chevron will continue to selectively expand and support its West African businesses. "We will work closely with our commercial partners and customers to meet mutual goals," he said.

Updated: April 1994