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.