ASRPOPYRGOS, GREECE, JULY 27 2006 – Texaco Greek Lubricants Company S.A., an indirect wholly-owned subsidiary of the Chevron Corporation, today announced the signing of an agreement to sell the company's fuel terminal and lubricants blending plant at Skaramanga, near Athens, Greece, to Melco Petroleum S.A., an affiliate of Aegean Oil S.A. The terms of the agreement are expected to be completed during the fourth quarter of 2006.

 

The agreement is expected to provide for the transfer of 25 current employees at the terminal and blending plant to Melco Petroleum, while the remainder of the employees will be retained by Chevron in Greece.  It is not anticipated that there will be any employee redundancies as a result of this agreement.  The Greek Works Council has been contacted and further consultation will take place during August and September.

 

Despite the planned sale of the fuel terminal and blending plant, Chevron will continue with its lubricants, aviation and fuel & marine marketing operations in Greece.

 

Barbara Burger, Vice President, Supply Chain, Chevron Global Lubricants, said: "We are delighted to have reached agreement with Melco Petroleum for the sale of our Skaramanga fuel terminal. This agreement is in line with Chevron's decision to consolidate its network of blending plants around the globe."

 

Chevron Global Lubricants is a division of Chevron Global Downstream, LLC, a wholly owned subsidiary of Chevron Corporation, one of the world's leading energy companies. Chevron Global Lubricants produces and markets lubricants under the Texaco, Chevron and Caltex brands, which are used daily in cars, trucks, buses and industrial machinery around the world. With more than 53,000 employees, Chevron Corp subsidiaries conduct 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.  Chevron is based in San Ramon, California.  More information on Chevron is available at http://www.chevron.com/.

 

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