press release

Chevron Press Release - Chevron Chemical Company LLC Opens Korea Office

SAN RAMON, Calif., Oct. 15, 1998 -- A subsidiary of Chevron Chemical Co. LLC today announced the opening of an office in Korea to support its growing fuel and lubricant additives business. The subsidiary, Chevron Chemical (Far East) Pte. Ltd., based in Singapore, is the Asia-Pacific regional headquarters for Chevron Chemicals Oronite Additives Division.

The new office is part of the company's overall strategy to increase its presence in the Asia- Pacific, where Oronite has experienced strong growth and anticipates long-term expansion despite the current economic crisis. Earlier this year, the company placed an Oronite representative in Chevrons Beijing, China, office.

We are optimistic about business potential in the region, and this latest development is just one of many actions we've taken that supports our sentiments, said Dave Mueller, Regional Manager Asia-Pacific and Managing Director of CCFE.

We recently completed the acquisition of the Paratone® Viscosity Index Improver business and this will further boost our performance in the region, including Korea, which is a key supply point, he said. Being close to our customers offers not just logistical advantages but also a better feel of the market and understanding of local culture. This helps us provide even better service as partners in success with our customers.

Oronite's major push into the region was heralded by its decision to build a $215 million worldscale fuel and lubricants additive manufacturing plant in Singapore that will supply products to 15 countries. The plant is the newest and largest fuel and lubricant additives manufacturing facility in the Asia-Pacific.

Chevron Chemical Co. LLC, a wholly owned subsidiary of Chevron Corp., is headquartered in San Ramon, Calif. Oronite is a leading developer, manufacturer and marketer of lubricant and fuel additives.

Updated: October 1998