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ChevronTexaco partners with CITIC Resources to expand Caltex retail operation in China

Posted: 14 January 2005

ChevronTexaco Global Marketing today announced that Caltex South China Investments Limited (CSCIL) and CITIC Resources Holdings Limited (CITIC) have entered into a preliminary agreement in which CITIC has agreed to invest a majority stake in CSCIL. The transaction, subject to CITIC shareholders approval, is a significant step in growing Caltex's retail fuel business in South China.

This preliminary agreement is part of ChevronTexaco's strategic direction to focus on enhancing and managing three world class brands – Chevron, Texaco and Caltex. As part of this strategy, Caltex is engaging with local partners such as CITIC to grow its presence in the burgeoning China market. Currently, China has the fastest growing automobile market in the world with double-digit growth expected over the next several years.

“The growing demand for energy in China and the liberalization of the Chinese economic market are creating opportunities for investment in South China and other Chinese provinces through various kinds of partnerships,” said Shariq Yosufzai, president of ChevronTexaco Global Marketing. “Partnering with a major business leader like CITIC will allow us to expand our retail network in the world's fastest growing economic region while exploring growth opportunities in commercial and industrial segments.”

CSCIL currently operates a network of more than 40 Caltex-branded service stations in South China through a number of joint venture partnerships. The company is committed to offering superior service as well as quality fuel products to motorists in China. The new venture will further enable more motorists to enjoy the pre-eminent service and products in Caltex's bigger and growing retail network.

ChevronTexaco Corp. was among the first multinational oil companies to develop a full range of upstream opportunities including exploration and development projects in South China Sea, Bohai Bay and Ordos Basin, supplying Liquefied Natural Gas through the North West Shelf Venture. It was also among the first multinational oil companies to develop downstream opportunities in China, such as the operation of a world-class LPG terminal, and the marketing and distribution of fuel products, lubricants and asphalts.

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