Linde Acquires Singapore Syngas Plant From ChevronTexaco
- Linde's President and Chief Executive Officer, Dr. Wolfgang Reitzle: "This plant will strengthen our position in the Southeast Asian growth market."
- John Gass, President of Global Gas for ChevronTexaco, commends "staff at the plant for their ongoing commitment to safety during this transition period."
JOINT PRESS RELEASE
Issued by ChevronTexaco Corp. and Linde AG.
WIESBADEN and SAN RAMON, Calif., July 8, 2004 -- Linde AG of Wiesbaden, Germany and ChevronTexaco Worldwide Gasification Technology Inc., a subsidiary of ChevronTexaco Corp., today announced the sale of Singapore Syngas Private Limited, a ChevronTexaco company, to Linde AG, a move that will significantly strengthen Linde's position in Southeast Asia. Financial details of the agreement were not disclosed.
Singapore Syngas operates one of the world's largest gasification plants for generating hydrogen and carbon monoxide, as well as a high performance air separation unit.
"This investment is a component of our growth strategy in the Asian market and it will also strengthen our overall international gas business," according to Dr. Wolfgang Reitzle, President and CEO of Linde AG. "This plant will make us a one-stop supplier in a dynamically growing region. This way, we will be able to supply our customers in Singapore, Malaysia, Thailand, and Indonesia with a full range of industrial gases, including bulk products, hydrogen, carbon monoxide, and carbon dioxide."
John Gass, President of Global Gas for ChevronTexaco, said: "ChevronTexaco is pleased to reach an agreement with Linde and we would like to commend the staff at the plant for their ongoing commitment to safety during this transition period." Gass added, "the divestiture of the Singapore Syngas business is part of an ongoing review of our company-wide portfolio. ChevronTexaco Global Gas continues to focus on its core business of commercializing its natural gas resources to bring clean, reliable energy to customers around the world, using Liquefied Natural Gas and Gas-to-Liquids technology."
The plant is located on Jurong Island, one of the largest integrated petrochemical complexes in Southeast Asia. The plant has several long-term delivery contracts that will remain in effect under the new owners. This includes, for example, obligations to supply neighboring plants of Celanese AG with carbon monoxide. As part of the purchase of the plant, Linde is taking on 88 employees.
Linde, celebrating its 125th anniversary this year, is an international technology group that occupies leading market positions in each of its three business segments: Gas and Engineering, Material Handling, and Refrigeration. During fiscal year 2003, the company achieved sales of approximately 9 billion euro with 46,600 employees. The gas business, which includes approximately 17,500 employees worldwide, accounted for nearly 4 billion euro in sales.
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.
Updated: July 2004