Chevron Press Release - Chevron Sells Gulf Oil Refining Ltd. To Petroplus International N.V.

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Sept. 8, 1998

Chevron announced today it completed the sale of its subsidiary, Gulf Oil Refining Ltd., to Petroplus UK Holding Ltd., a subsidiary of Petroplus International N.V.

Gulfs 115,000 barrel-per-day refinery near Milford Haven, Wales, ceased refining operations last December as part of Chevrons strategy to withdraw from the downstream oil business in the United Kingdom. Petroplus intends to restart the 20 megawatt power plant to export electricity and operate the site as a third party storage terminal.

The agreement also includes an option for Petroplus to use the refinery process units and equipment, although Chevron and Petroplus will continue to consider outside offers.

The sale is another important step to rightsizing our European operations, said Bob Connon, managing director of the London-based Chevron Europe strategic business unit. We have refocused our efforts in the region on exploration and production to maximize the value of our existing assets and accelerate Chevrons upstream growth in Europe.

Last year, Chevron sold its retail network, lubricants and commercial fuels interests of Gulf Oil (Great Britain) Ltd. to Shell UK Ltd. and its 50 percent equity interest in Pembroke Cracking Co., a 90,000 barrel-per-day catalytic cracking facility, to Texaco Ltd. Earlier this year, Chevron also announced its intent to sell the former Gulf Oil headquarters building in Cheltenham, England.

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