Oral History Interview with Stephen E. Van Nostrand, April 20, 1987 Page: 36
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36
Marcello:
Van Nostrand:
Marcello:
Van Nostrand:merit to the group having it. So if you don't want to be
involved, we'll build it." At that point, Caltex said, "We
do want to be involved, but only in half of it. You take half,
and then we'll split the other half between NPRC and Koa."
I want to come back and talk about this later because it's
obviously a very, very important part of the history of
Caltex. But let's go back to the beginning once more, when
you start working out these arrangements with Nippon Oil
and Koa. Other than the crude, what does Caltex bring
to the arrangement? Would it be financing and technical
know-how?
All three. I guess you could say that at the inception of
the partnership arrangements, they might have had almost
equal value. We had access to money for expansion at much
more reasonable interest rates than the Japanese could get.
This is U.S. credit, is this correct?
Yes. What we were doing in Caltex was essentially
borrowing on their behalf and then lending these borrow-
ings to the Japanese joint ventures for the construction
of facilities. I think that in some cases there were
direct pass-throughs of costs to Caltex, particularly in
later days. I'm sure that in the early phase we made money
on our money as well as on our crude oil operation in
Japan. But it was a very favorable operation for the
Japanese, I think. They saved many percentage points on
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Marcello, Ronald E. & Van Nostrand, Stephen E. Oral History Interview with Stephen E. Van Nostrand, April 20, 1987, book, April 20, 1987; Denton, Texas. (https://texashistory.unt.edu/ark:/67531/metadc306889/m1/38/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Oral History Program.