press release

First Sovcomflot tanker loaded at CPC terminal in Novorossiysk

JOINT PRESS RELEASE

Issued locally in Moscow by ChevronTexaco Corp. and OAO Sovcomflot.

View this press release in Russian (86 KB).

MOSCOW, Feb. 18, 2002 -- ChevronTexaco Corp. and OAO Sovcomflot have announced that the Caspian Pipeline Consortium (CPC) loaded the first oil tanker of OAO Sovcomflot at the Marine Terminal in Yuzhnaya Ozereyevka near Novorossiysk.

Commenting on the first shipment of CPC crude using Sovcomflot vessels, Dmitri Skarga, general director of Sovcomflot said, "Developing cooperation with the largest crude and products exporters operating through Russian ports is one of the biggest strategic tasks facing Sovcomflot." Skarga also noted, "Sovcomflot intends to fulfill that task by maintaining high standards of transportation services and environmental safety of the shipments."

To achieve this goal, Sovcomflot is renewing its tanker fleet by commissioning six new 150, 000-deadweight tankers of the Romea-Champion class – the tanker that currently carries CPC crude. These vessels will complement six similar vessels already owned by Sovcomflot.

Mike Carthew, president of ChevronTexaco Shipping Co. said, "ChevronTexaco is committed to providing safe and efficient marine transportation to our customers. We are pleased to be associated in this regard with Sovcomflot who is internationally recognized and provides exceptional local expertise."

In November 2001, ChevronTexaco Corp. and its partners celebrated the opening of a new oil export route from the Caspian region. This 1580-kilometer pipeline, built from the Tengiz field in western Kazakhstan to the Black Sea port of Novorossiysk, commenced tanker loading in October 2001. ChevronTexaco has a 15 percent interest in the $2.65 billion pipeline that will be able to carry up to a maximum of 28 million tons of crude a year in its initial phase.

OAO Sovcomflot, a 100 percent state-owned company, is one of the biggest shipping companies in Russia. The company has a fleet of 70 various types of vessels with a total deadweight of 2.82 million tons, accounting for about 30 percent of all the Russian sea fleet.

The company's fleet is among the youngest in the world, with an average age of a Sovcomflot vessel at nine years. The fleet includes tankers for crude and products, container, bulk, and timber carriers as well as passenger liners and others types of vessels.

ChevronTexaco Corp., headquartered in San Francisco, is the second-largest energy company in the United States of America and the fifth largest in the world, based on market capitalization. More than 53,000 ChevronTexaco employees work in approximately 180 countries. It is engaged in every aspect of the oil and gas industry, including exploration and production; refining, marketing and transportation; advanced energy; chemicals sales; and power generation.

Note to editors:

Equity interest in the Caspian Pipeline Consortium:

  • Russian Federation (24 percent)
  • Republic of Kazakhstan (19 percent)
  • The Sultanate of Oman (7 percent)
  • Chevron Caspian Pipeline Consortium Company (15 percent)
  • LUKARCO B.V. (12.5 percent)
  • Rosneft-Shell Caspian Ventures Limited (7.5 percent)
  • Mobil Caspian Pipeline Company (7.5 percent)
  • Agip International (N.A.) N.V. (2 percent)
  • BG Overseas Holdings Limited (2 percent)
  • Kazakhstan Pipeline Ventures L.L.C. (1.75 percent)
  • Oryx Caspian Pipeline L.L.C. (1.75 percent)

Updated: February 2002