press release

Texaco Press Release - Texaco Announces Formation of Texaco Lubricants Greece

FOR RELEASE: FRIDAY, JULY 28, 2000

LONDON, July 28 - Texaco announced today the formation of Texaco Lubricants Greece (TLG). Commenting on the formation of the new Greek company, Tom Neslage President, Texaco Global Products said: "The new company will enable us to pursue our strategic lubricant initiatives in Greece and the surrounding countries. Our plan is for Texaco Lubricants Greece to play a pivotal role in our operations in the South Mediterranean area. This is a time for expansion and we will be actively looking for growth opportunities."

Peter Oakford, Regional Director of Texaco Global Products announced that George Kandylis, formerly Country Manager, Lubricants, Texaco Greece, has been appointed Managing Director of Texaco Lubricants Greece.

Commenting on the appointment, Peter Oakford said, "George Kandylis' broad sales and management experience will be a real plus to the business. He will be leading a 60-strong team whose primary responsibilities will be to grow Texaco's lubricants presence throughout Greece and to provide customers and partners with a high level of development and technical support. A major supply agreement secured with Toyota at the beginning of the year is a prime example of Texaco's aggressive European lubricant strategy."

Plans to invest in the further development of the Texaco lubricants blending plant at Skaramanga will increase production and technical services, enabling Texaco Lubricants Greece to export Texaco quality lubricants throughout the region.

George Kandylis added: "We have ambitious plans for our Greek lubricants operation and are in a position to provide flexible and responsive support to our customers and partners."

NOTE TO EDITORS:

Texaco and Shell plan to complete the swap of Texaco's retail and commercial fuel assets in Greece, for Shell service stations and other commercial assets in the UK, as soon as approval is received from the Greek regulatory authorities. Texaco's lubricant, marine and aviation businesses will not be part of this agreement.

This press release may contain forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on certain assumptions which Texaco, as of the date of this release, believe to be reasonable and appropriate. Texaco caution, however, that the actual facts and conditions that may exist in the future could vary materially from the assumed facts and conditions upon which such forward-looking statements are based.

Updated: July 2000