Chemoil Consolidates U.S. Ops

Chemoil Corporation has announced the planned consolidation of its US offices. Chemoil's Houston office, which opened in 1986, will be closed in July of 2002. This office has been responsible for Chemoil's trading and operational activities in the US East Coast and US Gulf Coast. These responsibilities will be centralized to the San Francisco office. In 1998, Chemoil made a partial consolidation moving its marketing activities to San Francisco. This process of re-engineering reflects Chemoil's greater need for centralized coordination as the company expands its cargo trading operations. Chemoil's business has changed considerably during the last 5 years. In 1997, 70% of Chemoil's turnover came from selling bunkers with 30% from cargo trading activity. Today the Chemoil Group has a turnover in of $3.5 Billion, and while bunker sales have grown, they now make up just 25% of the Group sales. Chemoil is taking great efforts to ensure this transition goes smoothly. The company anticipates no significant impact to its day to day bunker and trading activities.