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CONOCO DETAILS ITS ROLE IN RUSSIAN AID PACKAGE

 /NOTE TO EDITORS: This item contains details on one of the Russian aid items announced during the Clinton-Yeltsin Summit. (Repeat of overnight transmission.)
 HOUSTON, April 5 /PRNewswire/ -- A part of the aid package for Russia announced during the weekend meeting between U.S. President Bill Clinton and Russian President Boris Yeltsin included support for the first new oil field developed by a U.S.-Russian joint-venture.
 The field is being developed by Conoco, a subsidiary of the U.S.- headquartered DuPont Company.
 "We are gratified that the Overseas Private Investment Corporation (OPIC) of the U.S. government has selected our joint venture to be the first recipient of its financing program for Russia," Constantine S. Nicandros, Conoco President and CEO said.
 He said the oil project, called Polar Lights, will provide jobs at several dozen U.S. firms that are participating in the construction of some $100 million in equipment and facilities for export to Russia.
 Under the program announced, Conoco's 50-50 joint venture with the Russian geological enterprise Arkhangelskgeologia will receive a $50 million loan guarantee from OPIC. The loan guarantee does not use tax dollars to fund the project, instead the government endorsement will make it easier for the company to obtain loans from commercial banks or other financial sources.
 Conoco has invested some $100 million in its Russian activities and expects the development of the new oil field to cost more than $300 million.
 Nicandros described the Conoco project as a partnership that provides jobs to U.S. and Russian workers, improves Russia's oil production capability and provides a means for Russia to strengthen its economy with oil sales.
 "Conoco's goal from the start of operations in Russia has been to create a sound economic relationship, with mutual benefit for the citizens and workers in both the United States and Russia. This project accomplishes that," Nicandros said.
 He said it is important that government and private enterprise work together to gain the greatest benefit from their activities in support of Russia and its people.
 "The Administration's recognition that aligning the Russian aid program with strong U.S. business activities in Russia is positive for all involved parties," Nicandros said.
 "Government has an important role to play in nurturing long-term business developments and trade relations," he said.
 -0- 4/5/93
 /TEXAS EDITORS NOTE: Conoco's project currently has contracts with construction, engineering and oil service companies in Houston and Ingleside (Corpus Christi), Texas./
 /CONTACT: John Gehbauer for Conoco, 713-293-3115/


CO: Conoco ST: Texas IN: OIL SU:

LR -- NY049 -- 3120 04/05/93 15:01 EDT
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Publication:PR Newswire
Date:Apr 5, 1993
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