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THE COASTAL CORPORATION FORMS COASTAL PETROLEUM

 THE COASTAL CORPORATION FORMS COASTAL PETROLEUM
 HOUSTON, June 30 /PRNewswire/ -- The Coastal Corporation (NYSE: CGP)


announced today it has formed Coastal Petroleum N.V. to market the output of Coastal's 150,000-barrel-per-day refinery in Aruba and to engage in the purchase and sale of crude oil and refined products in international markets.
 C. Richard Green Jr. has been elected president of the new Coastal Petroleum N.V.
 Michael D. Allen has been named general manager of operations and an assistant vice president of the new company.
 Coastal Petroleum N.V. main offices will be located in Aruba adjacent to the refinery operated by Coastal Aruba Refining Company N.V.
 Approximately 25 employees, nearly half of them Aruban nationals and including a complement of five trading specialists, will be in place by the end of July.
 James R. Paul, Coastal's president and chief executive officer, said the location of Coastal Petroleum N.V. underscores the company's commitment to the island of Aruba and this region.
 "This action places significant crude oil acquisition and product trading capabilities adjacent to one of our major refineries, providing natural synergies between the two units," Paul said. "Aruba is a strategic location for Coastal, and this action enhances our capabilities."
 Meanwhile, representative offices in London and Singapore will provide support services and market intelligence to the new company.
 In a related announcement, Coastal said it has established offices in Argentina and Chile. Todd T. Peterson will head Coastal Petroleum Argentina, S.A., in Buenos Aires, Argentina, and Carlos Lyng will head Coastal Petroleum N.V. Chile Limited, headquartered in Santiago, Chile.
 The Coastal Corporation is a Houston-based energy holding company. It has consolidated assets of $9 billion and subsidiary operations in natural gas transmission and storage, oil and gas exploration and production, refining and marketing, coal and chemicals, trucking and independent power production.
 -0- 6/30/92
 /CONTACT: Dave Scott, 713-877-3839, or Steve Eames, 713-877-6733, both of Coastal/
 (CGP) CO: Coastal Corporation; Coastal Petroleum N.V. ST: Texas IN: OIL SU:


LD-PS -- NY086 -- 5342 06/30/92 16:51 EDT
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Publication:PR Newswire
Date:Jun 30, 1992
Words:344
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