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CHEVRON CORRECTS MISINFORMATION REGARDING TENGIZ DEAL

 SAN FRANCISCO, March 22 /PRNewswire/ -- Chevron Corporation (NYSE: CHV) issued the following statement this evening, correcting speculation attributed earlier today to a vice president of Chevron International Oil Company, a Chevron subsidiary:
 "Speculation in the Dow Jones news story today about events in Russia and our dealings with the Caspian Pipeline Consortium should be disregarded," said Chevron Overseas Petroleum President Richard Matzke. (Chevron Overseas is the unit of Chevron Corp. directly involved in negotiating the pending joint venture in Kazakhstan.)
 "While the individual who was quoted is an active participant in Chevron's crude oil trading business, he is not involved in negotiations and deliberations regarding Chevron's potential participation in the Caspian Pipeline.
 "Chevron is in continuous dialogue with the equity owners of the pipeline and looks forward to ultimately participating in its ownership and operation," Matzke said.
 "As to our discussions with Kazakhstan for our joint venture at Tengiz, we remain optimistic that we will meet the April 1 date originally set to begin operating the Tengiz field."
 -0- 3/22/93
 /CONTACT: Larry Shushan, 415-894-2978, or Sherri Zippay, 510-842-5371, both of Chevron/
 (CHV)


CO: Chevron Corp. ST: California IN: OIL CHM SU:

GT -- SF007 -- 8443 03/22/93 20:03 EST
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Publication:PR Newswire
Date:Mar 22, 1993
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