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BECHTEL AND SEMBAWANG SIGN MEMORANDUM OF UNDERSTANDING TO DEVELOP PROJECTS IN SINGAPORE AND THE PACIFIC REGION

 SAN FRANCISCO, Nov. 24 ~PRNewswire~ -- San Francisco-based Bechtel Enterprises Inc. and the Sembawang organization of Singapore signed a Memorandum of Understanding here Monday that focuses on the development of infrastructure projects in Singapore and throughout the Asia Pacific region.
 The Memorandum will facilitate the development of multiple ventures for new infrastructure facilities for the Asia Pacific area. Funding would come from the resources of both companies, as well as from equity investments from the market place and other private sector firms. Today's signing follows an announcement last month that Bechtel and Sembawang were forming a business alliance to jointly seek work in Singapore and surrounding areas.
 "This signing of today's agreement represents a further step in our business alliance with Sembawang," said Executive Vice President Cordell W. Hull, Bechtel's senior officer responsible for Far East operations.
 "We look forward to a challenging and mutually prosperous relationship with this well respected firm."
 Hull added that Bechtel officials expect the private sector will assume a greater responsibility for developing such infrastructure projects as roads, rail and aviation facilities and associated electric power supplies in the future.
 Hull, who also is chairman of Bechtel Enterprises, and John Carter, president of Bechtel Enterprises, signed the Memorandum for Bechtel at Monday's meeting. Signing on behalf of Sembawang were Ng Pock Too, the company's group chief executive, and Leong Cheng Chit, director of Group Business Development. Also attending the signing was George P. Shultz, who once served as Bechtel's president and who is now a Bechtel director and a member of its Board of Counselors.
 Bechtel, a worldwide engineering and construction company, recently opened a new office in Singapore. The new office was the 12th the company has opened throughout Asia Pacific, where it now manages the work of almost 2,000 employees.
 Sembawang Group Inc. is involved in engineering and construction, maritime services, aviation services and the development of new companies.
 -0- 11~24~92
 ~CONTACT: Larry Miller of Bechtel, 415-768-6144, or Paul Walker of Burson-Marsteller (Singapore), 65-331-5215, for Bechtel~


CO: Bechtel Enterprises Inc.; Sembawang Group Inc. ST: California IN: CST SU:

RS-MC -- SF006 -- 1306 11~24~92 18:32 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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