Caltex sells 50% shareholding in NZ LPG Co.

FOR IMMEDIATE RELEASE

Caltex sells 50% shareholding in NZ LPG marketing company

AUCKLAND, March 11th, 2004 – Caltex New Zealand Limited has announced the sale of its 50% equity interest in its New Zealand LPG marketing joint venture, Rockgas Limited, to its joint venture partner, Origin Energy Limited of Australia.

Caltex public & government affairs manager Niall Kramer says Caltex is selling its interest in Rockgas, which is the New Zealand market leader in LPG sales, to focus on its core strategic business.

“Caltex and Origin’s predecessor, Boral, set up the joint venture which bought the Rockgas business and assets in 1990. The sale is a strategic portfolio move for Caltex, and Origin’s purchase is a great sign of confidence by Origin in the New Zealand energy market,” he says.

“It will continue to be business as usual for customers and staff of Rockgas and we look forward to an on-going relationship.”

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About Caltex & ChevronTexaco:

Caltex is a wholly-owned subsidiary of ChevronTexaco, a leader in the global integrated energy business and active in more than 180 countries. ChevronTexaco is the world’s fourth-largest integrated energy company on oil-equivalent reserves (net proven reserves of approximately 11.9 billion barrels of crude oil and natural gas equivalent) and in production (net production of 2.6 million barrels of crude oil and natural gas equivalent per day). It has the capacity to refine more than 2 million barrels per day, sells more than 3.9 million barrels of refined products per day and maintains a worldwide network of 24,000 outlets, including affiliates, under the Chevron, Texaco and Caltex brands. It ranks among the top three global lubricants companies, is an industry leader in the power and gasification businesses and has extensive technology operations.

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