ChevronTexaco unit to expand Singapore refining interest

ChevronTexaco Corp. reported that its wholly owned subsidiary, Caltex Singapore Private Ltd., plans to increase its equity interest in the Singapore Refining Co. Pte. Ltd. to become a 50-50 joint venture partner with Singapore Petroleum Co. Ltd.
April 14, 2004

By OGJ editors

HOUSTON, Apr. 14 -- ChevronTexaco Corp. Tuesday reported that its wholly owned subsidiary, Caltex Singapore Private Ltd., plans to increase its equity interest in the Singapore Refining Co. Pte. Ltd. (SRC) to become a 50-50 joint venture partner with Singapore Petroleum Co. Ltd. (SPC).

Caltex and SPC each have agreed to acquire 50% of BP Singapore Pte. Ltd.'s (BPS) one-third equity interest in SRC, including inventories, as well as in the unincorporated JV that manages SRC.

Both firms also will acquire BPS's one-sixth equity interest in Tanker Mooring Services Co. Pte. Ltd. (TMS). At the close of this transaction, TMS will be held by Caltex and SPC, 25% each, and by Singapore-based PSA Marine (Pte.) Ltd., 50%.

Caltex and SPC each will pay about $70 million and will acquire certain other rights and obligations from BPS. The transaction is expected to close June 30.

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