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BITOR AMERICA SIGNS AGREEMENT WITH TEXACO

 BITOR AMERICA SIGNS AGREEMENT WITH TEXACO
 BOCA RATON, Fla., June 24 /PRNewswire/ -- Texaco Inc.'s Alternate


Energy group announced today the signing of a letter of agreement between Texaco Inc. (NYSE: TX) and Bitor America Corp. to develop Integrated Gasification Combined Cycle (IGCC) power projects using Texaco's gasification technology and Venezuelan Orimulsion(R) as feedstock.
 Bitor America Corp. (Boca Raton, Fla.) and its parent company, Bitumenes Orinoco, S.A., are subsidiaries of Petroleos de Venezuela, S.A. (PDVSA), the Venezuelan government-owned oil company.
 The letter agreement provides the conditions for a supply of up to 1.6 million metric tons per year of Orimulsion over a 25-year term. Orimulsion is a liquid fuel consisting of 70 percent natural bitumen, 30 percent water and a surfactant. Orimulsion is considered an attractive energy source for the Texaco Gasification Process because of its vast supply, its ability to be transported using conventional means, its high heating value (12,600 Btu/lb.) and low viscosity.
 The Texaco Gasification Process, together with a combined cycle power block, is considered the cleanest and most efficient technology for generating electricity from Orimulsion and other hydrocarbon feedstocks such as coal, petroleum coke and heavy oil. Emissions of sulfur dioxide (SO2) and nitrogen oxides (NOx) would be well below U.S. federal standards and just a fraction of those of conventional coal plants.
 "This agreement provides Texaco and Bitor the opportunity to develop electric power projects featuring the Texaco Gasification Process, one of the cleanest technologies available today, with Orimulsion, an ideal energy resource for power generation," said David C. Crikelair, vice president of Texaco Inc. and head of Texaco's Alternate Energy and Resources Department. "This agreement enables us to offer utility customers a firm, stable supply of competitively priced and environmentally clean power from an attractive fuel source distinct from oil, coal or nuclear sources."
 "Bitor America is actively promoting the use of Orimulsion as a fuel for electric power generation in the United States and the Caribbean," said Carlos Medina, vice president of sales of Bitor America Corp. "With this agreement, Bitor will bring to these markets a superior fuel for electric power production using an advanced, environmentally sound technology."
 Texaco's Alternate Energy group is directing an initiative to commercialize and license a number of technologies, including the Texaco Gasification Process. The Texaco Gasification Process is unique because of its ability to utilize different feedstocks -- including coal, heavy oil, petroleum coke, waste gas and other non-oil hydrocarbons such as Orimulsion -- to produce a clean-burning synthesis gas for use in the petroleum industry, chemical manufacturing and electric power generation. The Texaco Gasification Process was recently selected for two projects in China to produce chemicals, town gas and fertilizer.
 In 1988 PDVSA initiated the production and marketing of Orimulsion from Venezuela's vast bitumen resources. Venezuela has the world's largest reserves of bitumen which can be produced and marketed in a water-emulsion form. Orimulsion can be safely transported and stored in the same facilities that are used for conventional fuel oils.
 Texaco has conducted a series of successful tests at its Montebello (Calif.) Research Laboratory, demonstrating the excellent performance of Orimulsion as a feedstock in the Texaco Gasification Process.
 Texaco and Bitor, along with other potential partners, are actively exploring project opportunities in a number of locations.
 -0- 6/24/92
 /CONTACT: Lourdes Brezo Martinez of the Communications Group, 305-854-6175, for Texaco Inc./
 (TX) CO: American Bitor Corp.; Texaco Inc. ST: Florida IN: OIL SU:


JB-AW -- FL001 -- 3150 06/24/92 08:47 EDT
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Date:Jun 24, 1992
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