EXHIBIT 99.1
TEXACO AND SHELL END DISCUSSIONS ON FORMATION OF
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EUROPEAN MARKETING & MANUFACTURING JOINT VENTURE
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FOR IMMEDIATE RELEASE: MONDAY, NOVEMBER 30, 1998.
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LONDON, U.K., Nov. 30 - Texaco and Shell Europe Oil Products today
announced that discussions aimed at forming an alliance of their European oil
products marketing and manufacturing activities have ended. The companies signed
a non-binding Memorandum Of Understanding (MOU) in September to explore the
possibilities of forming an alliance, subject to successful completion of
negotiations. The two companies have mutually agreed to discontinue the
discussions.
Commenting on the announcement, Texaco Inc. Senior Vice President and
President, Global Businesses, Xxxxx X. Xxxxxx said, "Since the signing of the
MOU, the two companies have worked diligently to develop a business plan for the
proposed venture. Over time, however, it became clear that the proposed plan
would not maximize shareholder value for both companies. I have every confidence
that Texaco can continue to operate as a successful marketer and refiner in
Europe. Additionally, it should be stressed that this announcement in no way
impacts our continued confidence in our existing alliance in the United States
with Shell and Saudi Aramco."
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CONTACTS: London Press Office
Xxxx Xxxx ###-##-####
Xxxxxx Xxxxx ###-##-#### or 4477
New York Public Relations
Xxxxx Xxxxx 000-000-0000
Xxxxx XxXxxxxx 000-000-0000
