press release

ChevronTexaco Board of Directors Visit Astana

This is news concerning ChevronTexaco but issued by a ChevronTexaco subsidiary and archived here for record purpose.

ASTANA, Sept. 23, 2002 -- ChevronTexaco's Eurasia business unit today announced the arrival in Astana of a delegation of ChevronTexaco Corp. board of directors, accompanied by ChevronTexaco Board Chairman and Chief Executive Officer David J. O'Reilly and other senior company representatives.

This is the first time Astana has hosted the full board of ChevronTexaco directors. The company is of one of the largest multinational companies operating in partnership with Kazakhstan.

ChevronTexaco's board members are successful and experienced representatives from business, government and academia. Among other responsibilities, directors oversee the company's strategic business and planning process.

Periodic visits such as this one to Kazakhstan and to other areas where the company has major operations, provide board members a greater understanding of company operations and assist them in meeting their oversight responsibilities.

ChevronTexaco is partnered with Kazakhstan and others in the giant Tengizchevroil project. The company is also in a joint venture in the Karachagnak gas and condensate field in northwest Kazakhstan, and has an ownership interest in the North Bazachi oil field in western Kazakhstan. ChevronTexaco us also a major shareholder in the Caspian Pipeline that transports Tengiz and other oil to the Black Sea port of Novorossiysk.

While in Astana, ChevronTexaco directors will meet with President N. A. Nazarbaev, and with other members of Kazakhstani government. The agenda includes matters related to cooperation between the Republic of Kazakhstan and ChevronTexaco Corp., including Tengiz expansion projects and the investment attractiveness of the republic for foreign investors.

ChevronTexaco is a leader in the global energy business with wide-ranging activities in more than 180 countries. ChevronTexaco is the fourth-largest energy company in terms of global oil and gas reserves (more than 11 billion barrels of oil and gas equivalent) and oil and natural gas production (2.7 million barrels of oil and gas equivalent per day). It has the capacity to refine more than 2 million barrels per day, sells more than 5 million barrels of fuel and products daily and owns or has interest in more than 25,000 retail outlets under Chevron, Texaco and Caltex brands.

[Read more about this historic visit.]

Updated: September 2002