Chiyoda Establishes a Subsidiary in Brazil
Press Release Jul 15, 2009
Jul 15, 2009
Chiyoda Corporation (TSE: 6366; ISIN: JP3528600004), Japan’s leading engineering and construction firm, today announced that it has established a subsidiary in Brazil. The opening ceremony was held in Rio de Janeiro on July 14, 2009.Following is an overview of the subsidiary.
1.Name：
Chiyoda do Brasil Representações Ltda.
2.Location：
City of Rio de Janeiro, State of Rio de Janeiro, Brazil
3.Paid-in-capital：
| R$504,360 | |
| Investment： | Chiyoda Corporation: R$504,359 Chiyoda International Corporation (United States): R$1 |
4.Functions：
Sales activities related to oil refining and gas projects in South America, centered on Brazil
5.Background of Establishment：
Large-scale oil field development has been very active in Brazil in recent years. Chiyoda plans to participate in oil refining and gas projects in Brazil through its subsidiary there. In South America, various projects are also planned in Venezuela, including a large-scale project centered on Orinoco heavy oil. The Company intends to participate in this business by leveraging its heavy oil upgrading technology.
In 2008, Chiyoda established Chiyoda Oceania Pty Limited in Australia and Chiyoda Almana Engineering LLC in Qatar. Through its worldwide network, Chiyoda will continue to offer a variety of services in the Middle East, Southeast Asia, Africa, Oceania and South America, where project growth is expected.
The opening ceremony held in Rio de Janeiro