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COASTAL N.V., ARPECHIM ANNOUNCE JOINT VENTURE IN ROMANIA

 COASTAL N.V., ARPECHIM ANNOUNCE JOINT VENTURE IN ROMANIA
 BUCHAREST, Romania, May 1 /PRNewswire/ -- Coastal Petroleum N.V., a wholly owned subsidiary of The Coastal Corporation, today announced an agreement with Arpechim S.A. to form jointly owned companies to determine the economic feasibility of establishing a petroleum enterprise involving Arpechim's refinery at Pitesti.
 When operational, the venture will acquire crude oil and other petroleum feedstocks, arrange for processing up to the capacity of the 150,000-barrel-per-day Arpechim refinery and associated petrochemical complex 75 miles northwest of here, and market and sell refined petroleum products and petrochemicals both in Romania and internationally.
 An initial step in the enterprise will be a study of the Arpechim complex to determine how best to improve production and enhance the facility. The new jointly owned companies also will consider constructing a products pipeline from Pitesti to Constanza, Romania, on the Black Sea or other locations, as well as other projects related to modernizing and upgrading the refinery's facilities and operation.
 Financial details of the agreement were not made public. The venture initially will consist of two companies to undertake the processing and marketing activities.
 Coastal President and Chief Executive Officer James R. Paul said, "We look forward to a highly successful and mutually rewarding relationship with Arpechim and the Romanian people, and we at Coastal are very pleased to be partners in the progress of the Romanian energy industry."
 Arpechim President Andrei Grigorescu said the agreement was a natural combination of the two company's strengths. "This joint venture should be profitable from the very first, speeding the ability of our petroleum and petrochemical complex to participate in the opportunities so rapidly emerging in this region's energy markets," Grigorescu said.
 Under the agreement, Coastal will provide its expertise in crude oil and other feedstock purchasing, refining and product marketing through its worldwide system.
 Arpechim will provide its expertise in petrochemicals marketing, refining and petrochemical processing and will provide access to its facilities at Pitesti for processing..
 Coastal Petroleum N.V., organized under the laws of Aruba, is a wholly owned subsidiary of The Coastal Corporation. The Coastal Corporation (NYSE: CGP) is a Houston-based energy holding company. Coastal has consolidated assets of $9.4 billion and subsidiary operations in natural gas transmission and storage, refining and marketing, oil and gas exploration and production, coal, chemicals, trucking and independent power production.
 Arpechim is a commercial company registered in Romania and wholly owned by the Romanian government, which owns and operates the petroleum refining and petrochemical complex at Petesti.
 -0- 5/1/92
 /CONTACT: Dave Scott of Coastal N.V., 713-877-3839/
 (CGP) CO: Coastal Petroleum N.V. ST: Texas IN: OIL SU: JVN


LR -- NY055 -- 5553 05/01/92 15:02 EDT
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Publication:PR Newswire
Date:May 1, 1992
Words:454
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