Caltex moves to Singapore

Caltex moves to Singapore

SINGAPORE (DPA): U.S. giant Caltex Petroleum Corporation is moving its global headquarters from Dallas, Texas, to Singapore, the company announced Friday.

Caltex would be the first multinational company to establish its corporate base in the city-state, officials in Singapore said.

The shift came out of a company reorganization in June aimed at raising efficiency, Caltex said.

"The move to Singapore will position us centrally in the area where we do most of our business, and allows us to be closer to our customers and serve them more effectively," Caltex chairman David Law-Smith said.

The company's restructuring was in response to "a growing worldwide deregulation of the markets for petroleum products", Caltex said in a news statement Wednesday.

The new headquarters is slated to be in place by March 1999. Most of Caltex's corporate staff, including Law-Smith and 14 other executives, are to relocate to Singapore.