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SVCG AND CHEVRON ANNOUNCE PLANS FOR AROMAX(R) FACILITY IN SAUDI ARABIA

 JEDDAH, Saudi Arabia, March 15 /PRNewswire/ -- Chevron Chemical Co., a wholly owned subsidiary of Chevron Corp., (NYSE: CHV) and the Saudi Venture Capital Group (SVCG), a consortium of Saudi business leaders, today announced they have signed a Letter of Intent to develop a world-scale aromatics facility in Jubail, Saudi Arabia.
 The agreement calls for basic design and feasibility studies to be completed by year-end 1993. Construction of the plant would begin in early 1994, subject to shareholder approvals. Anticipated capacity is 420,000 tons per year for benzene and 270,000 tons per year for cyclohexane. Start-up is planned for mid-1996.
 The plant would utilize Chevron's Aromax(R) reforming technology, and would be the first Aromax(R) facility built by Chevron outside the United States. The project is seen by the partners as a potential base for further petrochemical developments within Saudi Arabia.
 "The agreement with our Saudi partners represents an important milestone in Chevron Chemical's Aromax(R) strategy," said Stan Weber, Business Manager for Chevron Chemical's Base Chemicals business, based in Houston. Kamal Fatayerji, Director of Projects for SVCG, added, "The competitive advantages inherent in Aromax(R) technology combined with Saudi Arabia's industrial incentives are both crucial to the success of the venture." John Peppercorn, Chevron Chemical's President and CEO, said, "We are delighted to be associated with Saudi Venture Capital in our first chemical development in the Kingdom."
 The planned facility would be owned and operated by a newly formed joint company. The joint company would market products within Saudi Arabia. Chevron would market all products outside Saudi Arabia.
 Aromax(R), which was developed and patented by Chevron, is designed to produce higher yields of benzene, toluene, and xylene than conventional reforming methods. This yield advantage results in more efficient use of feedstocks and improved financial performance.
 -0- 3/15/93
 /CONTACT: Stan Weber of Chevron Chemical, 713-754-4331/
 (CHV)


CO: Chevron Corp.; Chevron Chemical; Saudi Venture Capital Group ST: Texas, California IN: OIL SU: JVN

TM -- SF005 -- 6030 03/15/93 12:39 EST
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Publication:PR Newswire
Date:Mar 15, 1993
Words:336
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