Pascagoula, Mississippi facility positions Chevron to be the world’s
largest producer of premium base oil
SAN RAMON, Calif.--(BUSINESS WIRE)--Jul. 21, 2014--
Chevron Corporation (NYSE:CVX) subsidiary Chevron U.S.A. Inc. announced
that it has begun commercial production of premium base oils from a
newly constructed manufacturing facility at the company’s Pascagoula
refinery.
Base oils produced at Pascagoula will add to capacity from the company’s
refinery in Richmond, California and a joint venture facility in Yeosu,
Korea, approximately doubling Chevron’s production capacity and
positioning it to be the world’s largest producer of premium base oil.
“Lubricants are a high growth business supporting economic development
worldwide,” said Mike Wirth, executive vice president, Chevron
Downstream & Chemicals. “The addition of the Pascagoula plant to
Chevron’s base oil network enhances Chevron’s reputation as a reliable
and flexible base oil supplier globally.”
Base oils from the new facility will supply customers in the U.S. East,
Europe and Latin America, with Richmond continuing to supply the U.S.
West, and both Richmond and Yeosu supplying Asia.
The facility is designed to manufacture 25,000 barrels per day of
premium base oil, helping countries around the world meet increasingly
strict regulatory requirements and higher performance standards for
lubricants. Premium base oil is the main ingredient in the production of
top-tier motor oils that help improve fuel economy, lower tail-pipe
emissions and extend the time between oil changes. Base oils are used to
make lubricants and greases for machinery and equipment in the
commercial and industrial sectors.
The base oil facility uses Chevron’s proprietary ISODEWAXING® technology
invented in 1993. The technology results in higher yields and enables a
broader range of crude oil to be used in the manufacturing process. Over
half of the world’s premium base oil is manufactured with this
technology through licensing agreements with Chevron.
Chevron Corporation is one of the world's leading integrated energy
companies, with subsidiaries that conduct business worldwide. The
company's success is driven by the ingenuity and commitment of its
employees and their application of the most innovative technologies in
the world. Chevron is involved in virtually every facet of the energy
industry. The company explores for, produces and transports crude oil
and natural gas; refines, markets and distributes transportation fuels
and other energy products; manufactures and sells petrochemical
products; generates power and produces geothermal energy; provides
energy efficiency solutions; and develops the energy resources of the
future, including biofuels. Chevron is based in San Ramon, Calif. More
information about Chevron is available at www.chevron.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE
PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
Some of the items discussed in this press release are forward-looking
statements about Chevron’s activities in the United States. Words such
as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,”
“projects,” “believes,” “seeks,” “schedules,” “estimates,” “budgets,”
“outlook” and similar expressions are intended to identify such
forward-looking statements. The statements are based upon 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 important factors that could cause
actual results to differ materially from those in the forward-looking
statements are changes in prices of, demand for and supply of crude oil
and natural gas; actions of competitors; the inability or failure of the
company’s joint-venture partners to fund their share of operations and
development activities; the potential failure to achieve expected net
production from existing and future crude oil and natural gas
development projects; potential delays in the development, construction
or start-up of planned projects; the potential disruption or
interruption of the company’s net production or manufacturing facilities
or delivery transportation networks due to war, accidents, political
events, civil unrest, or severe weather; government-mandated sales,
divestitures, recapitalizations and changes in fiscal terms or
restrictions on scope of company operations; foreign currency movements
compared with the U.S. dollar; and general economic and political
conditions. The reader 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 Corporation
Chevron Corporation
Quyen Teng, +1 925-842-9501
quyen.teng@chevron.com
