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TENGIZ JOINT VENTURE SHIPS FIRST OIL

 SAN FRANCISCO, May 25 /PRNewswire/ -- The joint venture between Chevron Corp. (NYSE: CHV) and the Republic of Kazakhstan today began shipping its first crude oil into the world market from the Russian port of Novorossiysk on the Black Sea.
 The Russian flag vessel Aleksandr Pokryshkin left port carrying some 60,000 tons (about 440,000 barrels) of Urals blend oil on behalf of Tengizchevroil, the joint venture between Chevron and Kazakhstan. The Urals blend crude was received in exchange for a comparable amount of Tengiz oil produced since the joint venture took over operation of the Tengiz field in April.
 Tengiz crude is being distributed within the former Soviet Union until an export pipeline can be bui,t% so the Urals crude is received in exchange for export in order for Tengizchevroil to obtain hard currency at world market rates. The 40-year joint venture is the largest such arrangement between the Republic of Kazakhstan and a major multinational oil company.
 -0- 5/26/93
 /CONTACT: Mike Libbey, 415-894-4440, Bonnie Chaikind, 415-894-1200, or Jan Golon, 212-303-3833, all of Chevron/
 (CHV)


CO: Chevron Corp.; Tengizchevroil ST: California IN: OIL SU: JVN

TM -- SF008 -- 2456 05/26/93 12:21 EDT
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Publication:PR Newswire
Date:May 26, 1993
Words:198
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