press release

Texaco Press Release - Texaco And Shell In Discussions To Swap Retail Assets In Greece And The UK

FOR IMMEDIATE RELEASE: TUESDAY, 23 NOVEMBER 1999

London, 23 November 1999 - Texaco and Shell International Petroleum Company Limited today announced their intention to negotiate an agreement to swap retail and commercial assets of equal commercial value in Greece and the United Kingdom.

The proposed agreement would see Texaco exchange its network of service stations and commercial fuel assets in Greece for Shell service stations and other assets in the United Kingdom.

This agreement would not include Texaco's lubricant, marine or aviation businesses in Greece, which would continue as separate operations.

The two companies will now undertake detailed discussions and consult with staff representatives at national and EU level. The agreement is expected to be completed by mid-2000, subject to all necessary regulatory approvals.

Commenting on the proposed agreement, Eugene Celentano, President of Texaco International Marketing and Manufacturing, said: "This potential asset swap would be another step in the consolidation of our European marketing business into positions of strength in Northwest Europe. The addition of new sites in the UK would further enhance the scale efficiencies of our UK network."

Updated: November 1999