PASCAGOULA, Miss., Oct. 15 /PRNewswire-FirstCall/ -- Chevron U.S.A.
Inc. (NYSE: CVX) announced today plans to build a major gasoline production
unit at its refinery in Pascagoula, Miss. With environmental permits in
place, construction of the Continuous Catalyst Regeneration (CCR) Project,
estimated to cost around $500 million, is due to begin in early 2008 with
completion anticipated by mid-2010. The new CCR unit will improve equipment
reliability and utilization, and allow the refinery to optimize product
yields. Gasoline production at the refinery is expected to increase by
approximately 10 percent, or about 600,000 gallons per day.
"Chevron continues to make significant investments at its refinery in
Pascagoula, as well as foster economic development within the local
community," said Roland Kell, Pascagoula Refinery general manager. "The
project also will provide about 700 new construction jobs in addition to
the 150 jobs we already have added at the facility over the past two
years."
"This project further demonstrates our commitment to investing in the
flexibility and reliability of our global refining network and expanding
production of clean-burning transportation fuels increasingly in demand by
our customers," said Jeet Bindra, Chevron Global Refining president.
The new unit with updated refinery technology will replace two process
units constructed more than 30 years ago. Crude oil capacity at the
refinery will remain the same.
Since 2005, Chevron has executed other projects that have increased its
gasoline manufacturing capacity in the United States by about 1 million
gallons per day. In late 2006, the Pascagoula Refinery completed upgrades
to its Fluid Catalytic Cracking unit, increasing its gasoline production by
roughly 10 percent to about 5.5 million gallons per day.
Chevron is continuing to evaluate other potential opportunities to
further enhance the competitive position of its Pascagoula Refinery and
global refining network.
Chevron has 2 million barrels per day of crude oil processing capacity
through its share of 19 wholly owned or joint-venture fuel refineries and
markets motor fuels through its more than 25,000 retail outlets worldwide
under the Chevron(R), Texaco(R) or Caltex(TM) brands. The Pascagoula
Refinery, which is Chevron's largest wholly owned petroleum refinery,
possesses the capacity to process an average of 330,000 barrels of crude
oil per day and produces a variety of transportation fuels and other
refined products.
Chevron U.S.A. Inc. is an indirect, wholly owned subsidiary of Chevron
Corporation, one of the world's leading energy companies. We have
approximately 58,000 employees, and our subsidiaries conduct business in
more than 180 countries. We operate across the entire energy spectrum --
producing and transporting crude oil and natural gas; refining, marketing
and distributing fuels and other energy products and services;
manufacturing and selling petrochemical products; generating power; and
developing and commercializing the energy resources of the future,
including biofuels and other renewables. Chevron is based in San Ramon,
Calif. More information about Chevron is available at
http://www.chevron.com.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE
PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995. This news release contains forward-looking statements
about Chevron's plans at the Pascagoula Refinery in Mississippi. Words such
as "estimated," "expected," "plans," and similar expressions are intended
to identify such forward-looking statements. The statements are based on
management's current expectations, estimates and projections; are not
guarantees of future performance; and are subject to certain risks,
uncertainties and other factors, some of which are beyond the company's
control and are difficult to predict. Among the factors that could cause
actual results to differ materially are timing of the construction and
commencement of the operation of the planned facilities; future supply and
demand for refined products; the competitiveness of alternate product
substitutes; and local and general economic conditions. You should not
place undue reliance on these forward-looking statements, which speak only
as of the date of this press release. Unless legally required, Chevron
undertakes no obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or otherwise.
SOURCE Chevron U.S.A. Inc.
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Related links:
http://www.chevron.com
CONTACT:
Steve Renfroe, +1-228-938-4548, or Stephanie
Price, +1-925-842-2583, both of Chevron U.S.A. Inc.
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