press release

FAMM and PetroJam Team Up to Market Bunker Fuels in Jamaica

HOUSTON, Oct. 16, 2002 -- Fuel and Marine Marketing LLC (FAMM), a ChevronTexaco company, today announced they have signed a Memorandum of Understanding with PetroJam Limited to market and supply bunker fuels throughout the ports of Jamaica. The agreement takes effect in January 2003, and the companies will initially focus on marketing their products out of the fast-growing port of Kingston. Terms of the agreement were not disclosed.

"We're very excited about this agreement with PetroJam," said Girish Desai, vice president, trading for FAMM. "This will give us a competitive advantage because we will have the ability to market bunkers for the largest transshipment port in the Caribbean and provide better service to our customers."

By working together, FAMM and PetroJam will also be able to streamline back-office operations and enhance existing delivery capabilities to better serve an international customer base.

"The port of Kingston has been experiencing consistent growth over the past few years," said Winston L. Watson, managing director of PetroJam. "We expect this trend to continue and believe by working together we can make Kingston an internationally recognized bunker port."

In accommodating this growth, the Jamaican Port Authority this year formulated a major capital development program of $78 million to expand the port facilities. The program will be carried out in phases and the first phase is estimated to be completed by year-end 2002.

About FAMM

Fuel and Marine Marketing (FAMM) is a leading worldwide supplier and marketer of fuels, lubricants and coolants to the marine, power and industrial markets. For more information visit www.fammllc.com.

About PetroJam Limited

Petrojam Limited is a fully owned subsidiary of the Petroleum Corporation of Jamaica which operates the sole oil refinery in Jamaica. The refinery is located along the shoreline of the Kingston Harbour on a 76-acre site. For more information, visit www.petrojambunkering.com (opens a new browser window).

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 that are based on management's current expectations, estimates and projections. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. 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: October 2002