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CHEVRON TO OPERATE EL PASO REFINERY ON BEHALF OF NEW OWNER

 SAN FRANCISCO, May 7 /PRNewswire/ -- Chevron U.S.A Products Co. today announced it has entered into a long-term agreement to operate a newly modernized refinery in El Paso, Texas, on behalf of the refinery's new owners.
 The owners, a group of creditors which includes The CIT Group/Capital Equipment Financing, New York Life Insurance Co., and John Hancock Mutual Life Insurance Co. and certain of its affiliates, acquired the refinery Tuesday, through a foreclosure on the refinery assets of El Paso Refinery, L.P.
 Under the agreement, Chevron (NYSE: CHV), which owns an adjacent 65,000-barrel-per-day refinery in El Paso, will process crude oil acquired by the new owners, who will then independently market products including gasoline, jet and diesel fuels. Chevron will also continue to refine about 65,000 barrels a day of its own crude for its existing markets.
 Chevron's refinery management team plans to integrate processing between the two refineries, achieving cost and operating efficiencies by taking advantage of a unique fit between the configurations of the two plants. For example, combined operations would allow newer units at one refinery to replace older, less efficient units at the other.
 "Integrated operation will allow us to optimize the best assets from both facilities and reduce the projected capital requirements at Chevron's refinery," said George Hejtmanek, manager of Chevron's El Paso Refinery. "We've entered into this cooperative agreement because these two refineries together have a potential synergy that is seldom found in our industry."
 Chevron expects to hire additional people to operate the combined refineries.
 -0- 5/7/93
 /CONTACT: Santana Gonzalez, 915-775-3411 (El Paso); Jan Golon, 212-303-3833 (New York); or Mike Libbey, 415-894-4440 (San Francisco), all of Chevron/
 (CHV)


CO: Chevron U.S.A. Products Co.; Chevron Corp.; El Paso Refinery, L.P. ST: California, Texas IN: OIL SU: TNM

TM -- SF002 -- 5832 05/07/93 10:02 EDT
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Publication:PR Newswire
Date:May 7, 1993
Words:312
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