press release

Texaco Press Release - USAID and Texaco Announce Public-Private Sector Partnership

FOR RELEASE: WEDNESDAY, AUGUST 23, 2000

LUANDA, ANGOLA, Aug. 23 - The United States Agency for International Development (USAID) and Texaco announced today in Luanda, Angola a public-private sector partnership initiative to assist development activities in Angola. The support to be provided by USAID and the Texaco Global Fund will assist in developing agricultural and educational programs in Angola.

USAID-Texaco's Partnership for Development in Angola demonstrates the advantages of the private sector and the U.S. government working together with Angolan government and non-governmental organizations to identify and implement social programs that will benefit an at risk segment of the Angolan population.

Texaco's Managing Director for Angola, Martin Eldon, and USAID/Angola Mission Director Keith Simmons, in the presence of United States Ambassador Joseph Sullivan and Texaco Global Fund President Anne Dowling, announced their partnership in support of healthcare, education, self-sufficiency and technical training projects.

Simmons said of the initiative "USAID selects strategic partners to participate in activities that contribute to the development of Angola. Today's event is further attestation to USAID's commitment to optimize its resources to work with the Angolan government and other partners on private sector programs that advance the goal of building a peaceful and prosperous Angola; Texaco is a worthy partner in achieving this objective."

Eldon added, "Texaco is very pleased to be working with USAID and to provide support from the Texaco Global Fund, which was created to identify and support particularly innovative approaches to pressing community needs in those countries where we do business. The first project under this unique collaboration will provide support for homeless children, focusing on the particular needs of girls. We look forward to future joint projects with USAID and continuing efforts to promote social development in Angola."

USAID, the United States Government agency charged with administering overseas programs of development assistance, has provided development and humanitarian assistance to the Republic of Angola ("Angola") since 1989 valued at over $500 million. USAID's activities in Angola promote food self-sufficiency, improved health services and practices, democracy and good governance and reform of Angola's economic policy environment.

Texaco, with close to 100 years of experience, provides affordable and abundant energy for people worldwide. Texaco's activities in more than 150 countries include exploration, production, distribution, refining and marketing. In Angola, Texaco is operator of Block 2 that is currently producing over 70,000 barrels of oil per day. Angola is also a highly prospective area for Texaco, where the company holds significant exploration acreage.The Company is also working in partnership with Sonangol to develop a liquefied natural gas project that will substantially reduce the offshore flaring of gas and provide another revenue stream for Angola.

Texaco, together with it's Block 2 partners Sonangol, TotalFinaElf & Braspetro, has had a major involvement in community activities in Angola for many years amounting over 6 Million Dollars. These activities have included the building of a primary and secondary school near Luanda and the support of many other educational, health, cultural & sport activities in both Soyo and Luanda.

Updated: August 2000