VOL. XXXI

NO. 37

20-JUNE-1988

SAUDI ARABIA

Saudi Arabia and Texaco Sign Letter of Intent on 50-50 Us DownstreamVenture

Saudi Arabia and Texaco have signed a letter of intent providing for theacquisition by the former of a 50% interest in Texaco's refining assets andmarketing system in 23 eastern and Gulf coast states, as well as the District ofColumbia. Altogether the new joint venture will provide an outlet for some600,000 b/d of Saudi crude. The facilities involved account for nearly...