ChevronTexaco
to expand refining interest in Singapore
Posted: 14 April 2004
Caltex to increase equity interest in Singapore Refining
Company
ChevronTexaco its wholly owned subsidiary, Caltex Singapore Private
Ltd. (Caltex), intends to increase its equity interest in the Singapore
Refining Company Pte. Ltd. (SRC) to become a 50/50 joint venture
partner with Singapore Petroleum Company Limited (SPC).
Caltex and SPC have each agreed to acquire half of BP Singapore
Pte. Ltd.'s (BPS) one-third equity interest in SRC, including inventories,
and in the unincorporated joint venture that manages SRC. Both companies
will also acquire BPS' one-sixth equity interest in Tanker Mooring
Services Company Pte Ltd (TMS).
President of Global Refining for ChevronTexaco, Jeet Bindra said,
"ChevronTexaco is focused on strengthening its position in
key growth markets around the world and this further reinforces
our already strong presence in a strategic region for ChevronTexaco."
Caltex and SPC will each pay approximately US$70 million and will
acquire certain other rights and obligations from BPS. The transaction
is expected to close 30 June, 2004.
Chairman of Caltex Singapore Pte Ltd., Leo Lonergan said, "The
additional refining position with SRC will further strengthen Caltex's
presence and supply chain in the region and it will position the
Company favorably to capitalize on the region's improving economic
fundamentals."
"We look forward to further strengthening our established
and valued association with SPC to create even greater shareholder
value for our company and to bring a reliable source of energy to
our customers and the region," said Lonergan.
About ChevronTexaco and Caltex
Currently celebrating its 125th anniversary, ChevronTexaco is the
second- largest U.S.-based energy company and the fifth largest
in the world, based on market capitalization. More than 50,000 ChevronTexaco
employees work in approximately 180 countries around the world,
producing and transporting crude oil and natural gas, and marketing
and distributing fuels and other energy products. Caltex is a wholly
owned subsidiary of ChevronTexaco. Its associated brands are sold
in approximately 30 countries across Asia-Pacific, southern Africa
and east Africa.
*At the close of this transaction the Tanker Mooring Services ownership
will consist of: Caltex and SPC will each own 25 percent (PSA Marine
will continue to own 50 per cent).
For more information see http://www.chevrontexaco.com/
Posted by Richard Price,
Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
