press release

Texaco Press Release - Texaco Chairman Addresses World Petroleum Congress

TEXACO CHAIRMAN ADDRESSES WORLD PETROLEUM CONGRESS
TELLS ENERGY LEADERS INDUSTRY HAS CENTRAL ROLE TO PLAY IN HELPING ALL NATIONS REALIZE THE PROMISE OF GLOBALIZATION
SAYS "ACCESS TO ENERGY IS ACCESS TO KNOWLEDGE AND OPPORTUNITY"

FOR RELEASE: THURSDAY, JUNE 15, 2000.

WHITE PLAINS, N.Y., June 15 – Texaco Chairman and Chief Executive Officer Peter I. Bijur said today in a speech at the 16th World Petroleum Congress in Calgary, Alberta, that the energy industry must play a central role in helping to realize the full promise of a global economy.

In a speech to the group of energy executives from around the world, Bijur said that globalization – the integration of economies across the world – is a powerful force for economic and social development, but that it creates disconcerting change for many people and risks exacerbating the divide between the worlds richest and poorest nations.

Bijur said, "Access to energy is access to knowledge and opportunity" and that it was in the interest of the energy industry to ensure that globalization succeeds for all nations.

"Our industry must provide a reliable and cost-effective supply of energy for the worlds growing population, and markets to move that energy. If we do not, then there is little hope globalization will realize its full promise in the crucial decades ahead."

Further, Bijur noted that meeting the energy demands of developing nations would require new types of energy solutions. He described a "mosaic' of energy products that, in addition to petroleum, would include hybrid vehicles, fuel cells, solar power and wind to meet this demand.

Bijur told the industry leaders that it was in their own self-interest "to promote a more complete distribution of the benefits of globalization, in partnership with governments, multilateral agencies and NGOs." He explained that globalization of natural gas markets and other energy developments was one way to close the chasm between developing nations and those already immersed in the information economy.

Speech Transcript

Updated: June 2000