ChevronTexaco unit to expand Singapore refining interest
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.