Texaco Press Release - Texaco and Shell End Discussions on Formation of European Marketing
FOR IMMEDIATE RELEASE: MONDAY, NOVEMBER 30, 1998.
LONDON, U.K., Nov. 30 - Texaco and Shell Europe Oil Products today announced that discussions aimed at forming an alliance of their European oil products marketing and manufacturing activities have ended. The companies signed a non-binding Memorandum Of Understanding (MOU) in September to explore the possibilities of forming an alliance, subject to successful completion of negotiations. The two companies have mutually agreed to discontinue the discussions.
Commenting on the announcement, Texaco Inc. Senior Vice President and President, Global Businesses, Glenn F. Tilton said, "Since the signing of the MOU, the two companies have worked diligently to develop a business plan for the proposed venture. Over time, however, it became clear that the proposed plan would not maximize shareholder value for both companies. I have every confidence that Texaco can continue to operate as a successful marketer and refiner in Europe. Additionally, it should be stressed that this announcement in no way impacts our continued confidence in our existing alliance in the United States with Shell and Saudi Aramco."
TEXACO EUROPEAN MARKETING & MANUFACTURING
(Note: All Numbers as of end 1997)
EMPLOYEES (including subsidiaries)
REFINERIES (figures in brackets are: % equity interest and capacity in 1,000 barrels per day)
|Pembroke, United Kingdom (100% 190)|
|Rotterdam, The Netherlands (35%, 140)|
MARKETING (BY COUNTRY) Branded outlets
|Central and Eastern Europe||19 Poland|
|Denmark||(See notes, below)|
|Rep. Of Ireland||432|
|Norway||(See notes, below)|
NOTE: Hydro-Texaco Holdings is a joint venture of Texaco and Norsk Hydro, formed in December 1994, that sells petroleum products in Norway, Denmark and the Baltic states. Altogether, Hydro Texaco operates approximately 990 branded sites.
|11 100% owned|
|23 JVs, Equity interest or throughput|
Updated: November 1998