Chevron Renews GAC Contract

June 26, 2006

Gulf Agency Company Ltd. (GAC), a global provider of shipping, logistics and marine services, announced the contract renewal with Chevron Shipping Company LLC (CSC), the fleet subsidiary of Chevron Corporation. Under the continuing arrangement, GAC remains CSC’s sole provider of tanker agency services worldwide. The new contract was signed by GAC Group Executive Chairman Björn Engblom and CSC Vice-President & General Manager Marine Transportation Alexander Walker at CSC’s headquarters in San Ramon, California on 1 June 2006. CSC has a long-standing relationship with GAC, going back to the early 1970s when GAC was a growing force in ship agency services in the Middle East. In 1996, the two companies signed an alliance agreement appointing GAC as the sole agent in the East Mediterranean, Black Sea, Middle East and Indian subcontinent. In 1999, the agreement was renewed with the addition of Africa and Europe, and in 2002 the two companies sealed the first global agency contract. GAC’s Björn Engblom said he was pleased with the contract renewal. “GAC has provided hub agency services to Chevron’s shipping fleet since 1996 and we are very proud that Chevron Shipping Company continues to entrust us to handle all of its worldwide agency requirements,” he said. Expressing his confidence that GAC will continue to deliver an efficient and seamless service to its clients’ vessels wherever they go, Mr Engblom added, “Our global agency services combine the strengths of GAC’s 50 years of experience in integrated shipping, logistics and marine services, backed by the latest capabilities in communications and IT. We support this by keeping the strong base of local knowledge at ports, and these are the keys to providing the most cost-efficient support to shipping principals.”

Chevron Renews GAC Contract

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