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A Publication of Guidry News Service |
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A Publication of Guidry News Service |
Houston Mayor Bill White announced on Wednesday that ChevronTexaco will purchase the 1500 Louisiana Street building in downtown, where the second largest U.S. energy company will move its international upstream operations from California and will consolidate most of its Houston-region operations and staff. The 40-story, 1.2 million-square-foot facility is expected to house about 3,700 ChevronTexaco workers and contractors, said a company spokesman. Over 500 of those will be positions relocated to Houston from ChevronTexaco facilities in New Orleans, Midland and San Ramon, California. Approximately 1,800 ChevronTexaco workers work in downtown Houston now. White called the ChevronTexaco move a “major step forward for the Houston economy,” and cited several advantages. “First, Houston gets over 500 jobs relocated here; second, we become the hub of one of the world's largest international energy operations; and third, we strengthen a key business center – downtown Houston – which is critical to our future.” ChevronTexaco will pay taxes on the $80 million base value of the building, which was build for Enron prior to its problems. Details of the transaction were not disclosed, but, in his State of the City address to the Greater Houston Partnership today, White said that he will ask the city council to approve a negotiated tax abatement agreement with Chevron U.S.A. Inc., a subsidiary of ChevronTexaco Corp. A streaming video recording of White's speech will be posted on The Online News Station.
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