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CHEVRON -- KAZAKHSTAN JOINT VENTURE NEARLY COMPLETE

 SAN FRANCISCO, March 31 /PRNewswire/ -- Chevron Corporation (NYSE: CHV) and the Republic of Kazakhstan today confirmed that arrangements are nearly complete to create the Tengiz joint venture.
 The company is optimistic the joint venture will be effective shortly after the April 1 target date.
 "This extended effort is simply a case of needing a little more time to finalize the details on a project of enormous size and significance," said Richard Matzke, president of Chevron Overseas Petroleum Inc., the Chevron subsidiary involved in the project. "Just the mass of documentation that needs to be created has exceeded our estimates."
 Matzke and Kazakhstan Minister of Energy and Fuels Kadyr Baikenov, both confirmed that the "discussions are progressing very well" and are nearing completion.
 -0- 3/31/93
 /CONTACT: Sherri Zippay, 510-842-5371, or Larry Shushan, 415-894-2978, both of Chevron/
 (CHV)


CO: Chevron Corp.; Chevron Overseas Petroleum Inc. ST: California IN: OIL CHM SU: JVN

GT-SG -- SF007 -- 1573 03/31/93 14:18 EST
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Publication:PR Newswire
Date:Mar 31, 1993
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