Plans
for GE Energy to acquire ChevronTexaco's gasification technology
business
Posted: 12 May 2004
GE Energy, a division of General Electric Company and ChevronTexaco
Worldwide Gasification Technology Inc., a subsidiary of ChevronTexaco
Corporation, announced plans for GE Energy to acquire ChevronTexaco's
gasification technology business.
The acquisition is subject to customary closing conditions, including
government approvals. Financial details of the agreement were not
disclosed.
With this agreement, GE Energy broadens its gasification plant
offerings and further expands capabilities to provide coal power
generation that produces fewer air pollutants than conventional
coal combustion.
GE Energy is a long-time leader in the global integrated gasification
combined-cycle (IGCC) industry and has supplied gas turbines for
more than 60 per cent of the world's operating IGCC plants.
GE has worked with ChevronTexaco on a number of IGCC projects including
the application of IGCC at the 100-megawatt Cool Water plant in
California, a demonstration project completed in 1984 and the Tampa
Electric Company 250-megawatt Polk Power Station in Florida, which
began operation in 1996.
The ChevronTexaco gasification technology business has been developing
and licensing gasification-related intellectual property for use
in the chemicals, electric power and hydrogen producing industries
for more than 50 years.
Gasification converts coal, petroleum liquids and other hydrocarbon
materials into synthesis gas, which is generally used for the production
of process chemicals and power.
“The technology inherent in ChevronTexaco's gasification
technology business is a key component for creating a cleaner coal
power generation option for customers,” said John Rice, President
and CEO of GE Energy. “By combining ChevronTexaco's established
gasification technology and engineering resources with the complementary
capabilities of GE Energy, we will create an even broader portfolio
of products and services for energy and industrial applications
worldwide. We are especially excited about the environmental performance
of IGCC plants in producing less air pollutants when compared to
conventional coal combustion.”
“ChevronTexaco is delighted to reach an agreement with GE
Energy on its acquisition of our gasification technology business,”
said John Gass, President of ChevronTexaco Global Gas. “ChevronTexaco's
gasification technology business is an ideal fit with GE Energy's
plans to enhance its offerings and grow in this business segment.
Our central focus continues to be on commercializing our vast natural
gas resources to bring clean, reliable energy to markets around
the world, using Liquefied Natural Gas and Gas-to-Liquids technology.
“We believe GE Energy can provide the best home for the gasification
technology and the employees who will be needed to run the new business,”
said Gass.
ChevronTexaco and GE Energy will work closely to ensure minimal
disruption to ongoing business. GE Energy will continue to headquarter
the gasification business in Texas, where the majority of ChevronTexaco's
gasification employees are currently located.
Rice said, “Adding the resources of ChevronTexaco's gasification
technology business to GE Energy's line of energy power generation
options supports our on-going commitments to provide customers the
broadest possible range of energy solutions for the 21st century.”
About GE Energy
GE Energy is one of the world's leading suppliers of power generation
and energy delivery technology, with 2003 revenues of nearly $18.5
billion. Based in Atlanta, Georgia, GE Energy provides equipment,
service and management solutions across the power generation, oil
and gas, transmission and distribution, distributed power and energy
rental industries.
For more information see www.gepower.com
About ChevronTexaco
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. ChevronTexaco is based in San Ramon, Calif.
The gasification technology business of Chevron Texaco is owned
and operated by ChevronTexaco Worldwide Gasification Technology
Inc., Texaco Development Corporation and certain of their affiliates,
all of which are subsidiaries of ChevronTexaco Corp.
For more information see http://www.chevrontexaco.com/
Posted by Richard Price,
Editor Pipeline Magazine
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