Chevron and Texaco shareholders will approve the fusion of companies on October 9, 2001

/IRBIS, Sept 13, 2001/ - Caspian News Agency with reference to Erkin Zikinbaev - representative of Chevron public relations department informs that Chevron and Texaco shareholders will meet on Oct 9 in Houston, Texas to approve the fusion of two companies. US federal commission for trade has already approved the decision of two oil companies fusion. After the fusion ChevronTexaco company will be the third oil and gas producing company in the USA. Total commercial cost of ChevronTexaco company will be over $100bn, assets - $83bn, net basic oil resources - 11.5bn barrels of oil equivalent (BOE), daily oil extraction - 2.7m BOE. Chevron is the largest private shareholder of Caspian pipeline consortium (CPC, 15% of shareholding), Chevron finances 30% of project cost. Also company holds 50% of Tengizchevroil, which will become the largest customer of CPC.