press release

Texaco Press Release - Texaco Creates Texaco Pipeline International Global Unit

Global Unit To Seek and Manage Pipeline Opportunities Outside U.S.

FOR RELEASE: THURSDAY, FEBRUARY 9, 1998.

WHITE PLAINS, N.Y., Feb. 9 - Texaco announced today the formation of Texaco Pipeline International (TPI), which will be responsible for identifying and optimizing worldwide pipeline transportation opportunities. The new organization, which reports to William M. Wicker, Texaco Inc. Senior Vice President, Corporate Development, will pursue projects in new business areas and utilize pipeline activities to enhance Texaco's international upstream and downstream businesses.

In announcing the new venture, Wicker said, "There are increasing opportunities for Texaco in the creation, ownership and operation of crude oil and refined product pipelines around the world. We are confident that TPI will produce strong returns from independent pipeline activities, while also providing an additional revenue stream for key international upstream and downstream projects, thus enhancing their financial returns."

TPI will assume immediate responsibility for Texaco's interest in Canada-based Gibson Holding Ltd. Petroleum. In the near-term, it will also seek to identify appropriate opportunities in the Caspian region, Poland and Russia.

Felix C. Spizale has been named General Manager of TPI, which will be headquartered in Houston. Daniel R. Mihalik will head Europe/Eurasia operations, to be managed in London. Anwar A. Gopalani will manage activities for the Latin America, Middle East, Pacific Rim, West Africa and Asia regions, and will be located in Houston. Spizale will manage potential projects in Canada.

Spizale joined Texaco in 1969 as a petroleum engineer in the Offshore District, Morgan City, La., and subsequently held a variety of professional engineering positions of increasing responsibility in drilling, reservoir and production assignments.

In 1988, he was named Division Manager-Ventura, Calif. Spizale was named Senior Vice President, Central Region Marketing and Pipelines for Texaco Trading & Transportation Inc. (TTTI) in 1993.

Mihalik joined TTTI as a Senior Research Associate-Production at Texaco's Houston Research Center in 1982. He was appointed Manager-Gaviota Terminal Company in Santa Barbara, Calif. in 1988. In 1997, Mihalik was named Operations Coordinator for Texaco International and relocated to London.

Gopalani joined Getty Oil in 1978. He was named Manager, Mechanical Engineering for Getty Trading and Transportation in 1985. In 1993 he was appointed Manager, International Engineering for TTTI.

Updated: February 1998