press release

Texaco Press Release - Texaco To Supply Technology To 824-mw Project In Spain; Take At Least 10% Stake

TEXACO TO SUPPLY TECHNOLOGY TO 824-MW PROJECT IN SPAIN;
TAKE AT LEAST 10% STAKE

Tuesday, March 30, 1999
McGraw-Hill Companies' Electric Power Daily
(Reproduced with the permission of McGraw-Hill Companies' Electric Power Daily, granted April 7, 1999)

Spain's Repsol and electricity utility Iberdrola have selected Texaco's integrated gas, combined cycle (IGCC) technology for a $1 billion, 824-MW power plant that will be built at the Petronor refinery near Bilbao. A Petronor spokesman said Texaco will take an equity interest of at least 10% in the facility as part of the participation agreement.

The spokesman added that Texaco was picked, after evaluations by two independent consultants, mainly because of its extensive expertise in IGCC technology and its willingness to take a stake in the plant. The U.S. company beat out rival Shell for the project.

The facility will be fired by gasified refinery residues. Construction is scheduled to begin in first half 2000 and take four years to complete. Power will be used by the Petronor refinery, with the remainder to go into the Spanish electricity grid.

Updated: March 1999