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Exhibit 99.1
SHELL, TEXACO AND SAUDI ARAMCO ANNOUNCE
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FORMATION AND OPERATIONAL START-UP OF MOTIVA ENTERPRISES
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HOUSTON, July 1, 1998 -- Shell Oil Company, Texaco Inc. and Saudi Aramco
today announced the formation and operational start-up of Motiva Enterprises
LLC, a joint venture combining major elements of the three companies' eastern
and Gulf Coast U.S. refining and marketing businesses. Shell has 35 percent
ownership and Texaco and Saudi Refining, Inc., a corporate affiliate of Saudi
Aramco, each have 32.5 percent ownership of the company.
Motiva Enterprises LLC, headquartered in Houston, will market under the
Shell and Texaco brands. X. Xxxxxx Xxxxx, formerly President of Texaco
Refining and Marketing Inc., is President and Chief Executive Officer of
Motiva Enterprises.
In January 1998, Shell and Texaco announced the formation and operational
start-up of a separate joint venture under the name Equilon Enterprises LLC.
Equilon Enterprises combines the major elements of Shell's and Texaco's
western and midwestern U.S. refining and marketing businesses and their
nationwide transportation and lubricants businesses. Shell has a 56 percent
ownership in Equilon Enterprises and Texaco owns 44 percent of the company.
In addition to Motiva Enterprises, the companies also announced the
formation of two jointly owned units that will support the operations of both
Motiva Enterprises and Equilon Enterprises. Equiva Services LLC will provide
administrative support services to the joint venture companies, while Equiva
Trading Company will function as the companies' trading unit.
Xxxx X. Xxxxx, formerly President and CEO of Star Enterprise, the
refining and marketing joint venture between subsidiaries of Texaco and Saudi
Aramco, will be President of Equiva Services LLC. Xxxxxx X. Xxxxxxxxx,
formerly President of Texaco Trading and Transportation Inc., will serve as
President of Equiva Trading Company. Both units will be based in Houston.
The exploration, production and chemical businesses of Shell, Texaco and
Saudi Aramco are not included in either of the alliances.
Shell Oil Company is a Houston-based affiliate of the Royal Dutch/Shell
Group of Companies. Texaco Inc. is based in White Plains, N.Y. Saudi Aramco
is the state-owned oil company of the Kingdom of Saudi Arabia. The company's
U.S. corporate affiliate Saudi Refining, Inc. is based in Houston.
For more information contact: Shell Oil Company
Xxxxx Xxxxx, Xxxxx Xxxxxxxxxx, 713-241-4544
Xxxxx Xxxxx
Xxxxxx
Xxxx Xxxxxxx (Houston) 000-000-0000
Xxxxx Xxxxxxxxx (Houston) 000-000-0000
Saudi Refining, Inc.
Xxxxx Xxxxx 000-000-0000
Xxxx Xxxxx 000-000-0000
