press release

Texaco Press Release - Texaco and Statoil Form European Jet Fuel Alliance

FOR RELEASE: FRIDAY, JUNE 16, 2000.

LONDON, June 16 - Texaco Global Aviation Marketing (TGAM) and Statoil Aviation today announced the formation and operational launch of Jet Fuel Alliance (JFA), a European aviation services alliance.

Under terms of the alliance, the two members, which have equal interest, will align their European supply services (into-plane), network development activities, operations, logistics and technical services resources, and work together on worldwide marketing activities. The alliance could see the addition of a third party when contractual negotiations are concluded later this year with German company DEA Mineraloel AG, Hamburg, which this week signed a letter of intent with Texaco and Statoil.

In a joint statement made in Kiruna, Sweden, John Digby, Vice President TGAM and Per Rden, General Manager, Statoil Aviation said, "We are extremely excited about the new opportunities Jet Fuel Alliance will offer the European aviation fuels sector. Differentiation in our business is achieved through the quality of personal contact and the flexibility of the relationship between the customer and the marketer - this will be our strength. The alliance will provide a platform for growth and build on the best operating practices of the two parties."

Through their combined resources the alliance members will be able to effectively negotiate entry into European airports where neither is currently represented. Digby and Rden added "We are creating a vehicle for change. This alliance will be dynamic and will allow us to look at ways of operating differently to seize opportunities in a fast changing market, while also delivering cost efficiencies."

Under the terms of the agreement, TGAM and Statoil Aviation will continue to conduct business under their own names and maintain their identities, while using the Jet Fuel Alliance title as an operational name.

Updated: June 2000