ChevronTexaco de México Awarded CRE Permit and is Winner in SCT Public Licensing Round for the Construction of an Offshore Natural Gas Import Terminal in Baja California
SAN RAMON, Calif. and TIJUANA, B.C., México, Jan. 6, 2005 -- ChevronTexaco de México today announced that it was awarded a permit from the Regulatory Energy Commission (CRE) for a proposed natural gas import terminal off the coast of Baja California, México, moving the company forward in its aim to deliver natural gas to México. In addition, ChevronTexaco received notice from the Communication and Transport Secretariat (SCT), through its Port Authority, that the company is the winner of the public licensing round for an offshore concession to construct and operate its offshore natural gas import terminal.
"We are pleased to be awarded these authorizations from the Mexican federal government after participating in a comprehensive and rigorous permitting process," said John Gass, president of ChevronTexaco Global Gas. "These important new milestones, together with the previously received environmental authorization from the Environment and Natural Resources Secretariat, move us a step closer to being able to import essential supplies of natural gas to help meet México's long-term energy needs. It also provides a potential outlet to supply neighboring markets with any excess capacity."
Carlos Atallah, president of ChevronTexaco de México, said, "We are pleased with our progress in the terminal permitting process. This is an important project for Baja California and the whole region to be able to meet the growing demand for clean energy."
Atallah added, "The terminal will be designed to have an initial capacity of 700 million cubic feet of natural gas per day and can be expanded based on future demand. ChevronTexaco's project is expected to bring additional investments and jobs to Baja California and, by diversifying the state's natural gas sources, contribute to more stable energy supplies and prices."
ChevronTexaco's terminal will be located more than 13 kilometers (8 miles) offshore and will be designed with state-of-the-art safety and environmental standards. ChevronTexaco is committed to an open dialogue with the various representative groups of the Baja California community and welcomes their interest in learning more about the project.
To learn more about ChevronTexaco's project in Baja California, please visit gnlbaja.com.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
This news release contains forward-looking statements about ChevronTexaco's plans for a liquefied natural gas receiving and regasification terminal offshore Baja California. The statements are based on 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. Among the factors that could cause actual results to differ materially are the success and timing of securing additional necessary approvals and permits for the construction and operation of the terminal, actual future demand for natural gas demand in México and North America, timely construction and start-up of the terminal offshore Baja California, and local and general economic conditions. 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, ChevronTexaco undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Updated: January 2005