press release

Shareholders Approve Executive Officers of CPC

ChevronTexaco nominee appointed as CPC General Director

THIRD PARTY RELEASE

This is news concerning ChevronTexaco but issued by someone other than ChevronTexaco and archived here for record purposes.

March 20, 2002 -- Moscow -- Two shareholder meetings of the Caspian Pipeline Consortium (CPC) were held today in Muscat, Sultanate of Oman. At the Annual General Shareholders Meeting the CPC Financial Report for 2001 was approved.

During the extraordinary meeting of CPC shareholders a new staff of officers was approved. According to the CPC Shareholder Agreement, the General Director is appointed to serve on a rotational basis for a 4-year term.

Ian MacDonald, representing ChevronTexaco Corp., was appointed CPC General Director. Currently, Ian MacDonald is the President of Chevron Neftegas Inc. and heads the operations of ChevronTexaco in Russia. In his over 20-year tenure at Chevron, and later at ChevronTexaco, Ian MacDonald has served in various assignments in the UK, US, Nigeria, Kazakhstan and Russia. During the period from 1996-1999, Mr. MacDonald managed all logistical operations for the Tengizchevroil Joint Venture in Kazakhstan.

Current CPC General Director Sergey Gnatchenko has been appointed First Deputy General Director for Operations. Since December 2000, Sergey Gnatchenko has been serving as the CPC General Director. Prior to this appointment, Mr. Gnatchenko was the President of Lukarco Services B.V., a joint venture between Lukoil and Arco, a BP subsidiary. Mr. Gnatchenko has 18 years of professional experience in Russia's oil and gas industry.

Gary Boubel has been appointed CPC Deputy General Director for Engineering and Projects. Anatoly Guskov has received the post of CPC Deputy General Director for General Business. Both of these candidates were nominated by Lukarco. Gary Boubel has been CPC General Project Manager since 1999. Anatoly Guskov has been CPC Deputy General Director for Human Resources and Social Services since 1998.

Edward Mazur has been appointed CPC Deputy General Director for Finance. He is a nominee of ChevronTexaco and was previously the Controller/Chief Accountant and Deputy General Manager for Finance of Tengizchevroil.

Nikita Sergeev, nominated by Rosneft-Shell Caspian Ventures Ltd., has been appointed General Counsel.

All appointments will be concluded by May 1, 2002.

Anatoly Shatalov and Kanatbek Zhumin continue to work in the capacity of the CPC Deputy General Director for RF Government relations and the CPC Deputy General Director for RK Government relations respectfully.

"This is the first scheduled rotation of top CPC officers," said current CPC General Director Sergey Gnatchenko. "In January 2002, the CPC shareholders approved a new structure of the consortium developed to provide the most efficient and safe operation of the pipeline system. The new appointments correspond to these structural changes and will ensure continuity within CPC management."

CPC shareholders expressed their gratitude to departing CPC officers for the significant contributions they had made towards the successful implementation of the project.

In the fall of 2002, CPC began operating its 1510-km pipeline system from Tengiz to Novorossiisk in a test mode. The initial annual capacity of the pipeline is 28.2 million metric tons (MMT). Future expansions will increase the pipleine's capacity to 67 MMT per year.

The percentage of government ownership in the CPC is as follows:

Russia -- 24%, Kazakhstan -- 19%, Sultanate of Oman -- 7%. Private oil companies participating in the consortium own the following percentages: Chevron Caspian Pipeline Consortium Company -- 15%, LUKARCO B.V. -- 12.5%, Rosneft-Shell Caspian Ventures Limited -- 7.5%, Mobil Caspian Pipeline Company -- 7.5%, Agip International (N.A.) N.V. -- 2%, BG Overseas Holding Limited -- 2%, Kazakhstan Pipeline Ventures LLC -- 1.75%, and Oryx Caspian Pipeline LLC, Kerr-McGee group of companies -- 1.75%.

Updated: March 2002