OLD GREENWICH, Conn., Nov. 12 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) today announced that it will begin making oxygen credits available
to the entire industry through the auction services of the Clean Fuels
Clearinghouse(TM), an organization that assists motor fuels manufacturers in
the delivery of cleaner fuels.
Steve Fite, Premcor's Director of Distribution Services, said, "We are
interested in providing the motoring public with cleaner and more cost-
effective fuel. By making our oxygen credits available through the
clearinghouse, we are able to provide other producers with a viable
alternative to the use of MTBE."
Premcor generates oxygen credits year-round by blending ethanol into
reformulated gasoline (RFG) in excess of mandated amounts. Other gasoline
blenders can in turn utilize these credits to meet their RFG requirements
while displacing MTBE from their gasoline products. In order to reduce
regional emissions, RFG is required by the Clean Air Act in many densely
populated cities throughout the United States.
Fite said, "This move is in alignment with Premcor's values of operating
as a sound environmental steward while providing clean fuels to our customers.
The company is proactively preparing for the cleaner fuels of the future. We
recently announced our plans to develop an ethanol storage hub in the Saint
Louis area. Our 500,000 to 1,000,000 barrels of storage capacity, adjacent to
the Mississippi River, can serve much of the nation's increasing demand for a
ready supply of ethanol."
Clayton McMartin, President of the Clean Fuels Clearinghouse(TM), said,
"We are pleased to have Premcor as a member. Our focus is on the most
economical delivery of cleaner fuels, which is exactly what our members are
able to do through the use of our services. The Clean Fuels Clearinghouse(TM)
has a full suite of services that deliver business solutions for cleaner
fuels."
Premcor Inc. is one of the largest independent petroleum refiners and
marketers of unbranded transportation fuels and heating oil in the United
States.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including the
company's current expectations with respect to future market conditions,
future operating results, the future performance of its refinery operations,
and future debt reductions. Words such as "expects," "intends," "plans,"
"projects," "believes," "estimates," "may," "will," "should," "shall," and
similar expressions typically identify such forward-looking statements. Even
though Premcor believes the expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no assurance that
its expectations will be attained. Factors that could cause actual results to
differ materially from expectations include, but are not limited to,
operational difficulties, varying market conditions, potential changes in
gasoline, crude oil, distillate, and other commodity prices, government
regulations, and other factors contained from time to time in the reports
filed with the Securities and Exchange Commission by the company and its
subsidiaries, Premcor USA Inc. and The Premcor Refining Group Inc., including
the company's Form S-1 and the company's and its subsidiaries' quarterly
reports on Form 10-Q, reports on Form 8-K, and annual reports on Form 10-K.
SOURCE Premcor Inc.
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Related links:
http://www.premcorinc.com
CONTACT:
Media-Customers, Steve Fite, +1-314-854-1442,
or Investors, Joe Watson, +1-203-698-7510, both of Premcor Inc.;
or Clayton McMartin of The Clean Fuels Clearinghouse(TM),
+1-918-376-0800
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