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ChevronTexaco in Discussions With Somerfield to Sell UK Service Stations

San Ramon, California (ots/PRNewswire)

ChevronTexaco Global
Marketing today announced that Texaco Limited, a UK subsidiary of
ChevronTexaco Corp. and Somerfield plc, the fifth largest food
retailer in the UK, have signed a Memorandum of Understanding (MOU)
on an exclusive basis, to negotiate the sale of approximately 140
Texaco-owned service stations in the UK to Somerfield.
The proposed agreement is part of ChevronTexaco Global
Downstream's strategic direction to improve returns by focusing on
areas of strength and enhancing and managing three world class brands
- Chevron, Texaco and Caltex. As part of this strategy, Texaco
Limited is reducing capital invested in certain retail assets.
Following the proposed sale, Texaco will maintain a marketing
presence in the UK as a branded wholesaler, supplying fuel to 1,100
Texaco-branded third-party service stations, one of the largest
branded fuel networks in the UK.
Under the proposed agreement, Texaco would continue to supply the
approximately 140 Somerfield-owned service stations with fuel and the
forecourts would still be branded Texaco. The convenience stores
would operate under the Somerfield brand.
"This proposed agreement will allow us to concentrate our
resources and capital on enhancing the performance of our refining
and distribution network," said Shariq Yosufzai, president of
ChevronTexaco Global Marketing. "Our customers will still receive the
same high quality fuel products they have come to expect from filling
up at a Texaco-branded site and will also benefit from Somerfield's
excellent fresh food and retail expertise."
The two companies will now undertake detailed discussions with the
goal of finalizing the agreement, subject to all necessary approvals
and following consultation with employees. ChevronTexaco Corp. is one
of the world's leading energy companies.
With more than 47,000 employees, ChevronTexaco conducts business
in approximately 180 countries around the world, producing and
transporting crude oil and natural gas, and refining, marketing and
distributing fuels and other energy products. ChevronTexaco Global
Marketing is a division of ChevronTexaco Global Downstream LLC, a
wholly-owned subsidiary of ChevronTexaco Corp. ChevronTexaco is based
in San Ramon, Calif. More information on ChevronTexaco is available
at www.chevrontexaco.com
This news release contains forward-looking statements relating to
ChevronTexaco's plans for retail and wholesale refined product
marketing in the United Kingdom. These statements are based on
management's current expectations, estimates and projections about
the petroleum industry; are not guarantees of future performance; and
are subject to certain risks, uncertainties and other factors, some
of which are beyond our control and are difficult to predict. Among
the factors that could cause actual results to differ materially
include finalizing the sales agreement; failure to close the sale as
anticipated; selling or finding an alternate use for additional
company-owned stations in the United Kingdom; and general economic
and political conditions. Therefore, actual outcomes and results may
differ materially from what is expressed or forecasted in such
forward-looking statements. You should not place undue reliance on
these forward-looking statements, which speak only as of the date of
this press release. Unless legally required, ChevronTexaco undertakes
no obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or otherwise.

Contact:

Gus Santoyo, San Ramon, California, Tel: +1-925-842-1639 or Alex
Yelland, London, Tel: +44-20-7719-4477