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MEDIA RELEASES

1 June 2004

New Chairman for AIP

Mr Dave Reeves was today elected Chairman of the Australian Institute of Petroleum. The Institute is the national body representing Australia's petroleum refiner/marketers.

Mr Reeves is the Managing Director and Chief Executive Officer of Caltex Australia Limited.

Before joining Caltex Australia, Mr Reeves was the President of North America Products at ChevronTexaco with responsibility for refining and product marketing activities, pipeline transportation operations and energy management solutions within North America, and ChevronTexaco's global aviation fuels marketing. He has previously held senior marketing and retail roles with companies in the ChevronTexaco Group.

In accepting the position, Mr Reeves welcomed the opportunity to lead AIP in helping to resolve the challenges facing the downstream petroleum industry. He noted that although profitability has recently improved, the industry is inherently cyclical and its current challenge is to lay a firm foundation to underpin the provision of secure, reliable petroleum fuel supply for Australia for the future.

Mr Reeves thanked Mr Gerry Hueston, President of BP Australasia, for the significant contribution and leadership he provided to the industry during the past two years as Chairman of AIP.