Chevron to expand retail network in Singapore

U.S. energy company Chevron Corp. has opened a new Caltex station in Singapore and says that it will continue to invest in expanding the size of its retail network, despite the current economic downturn. The oil giant bid S$20.96 million (US$14.54 million) for the 1,598 square meter piece of land in a tender issued by the Housing & Development Board (HDB), paying the highest amount for a petrol station site since 1998. ‘The opening of Caltex Clementi is a testament of our commitment to the local market and motorists,’ said Lok Kheng Ling, Chevron Singapore’s country chair. ‘With Caltex Clementi, we have created an innovative test site to determine the best construction methods, energy efficiency, customer experience and design appeal for future Caltex sites,’ explained Ms Lok. Chevron said that Singapore is a strategic market for the company and that over the last 76 years, the republic has played a critical role in its global operations. (June 17, 2009)