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Exxon Mobil Corp (EXX)

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Tuesday 12 September, 2000

Exxon Mobil Corp


Exxon Mobil Corporation
11 September 2000

            Exxon Mobil Corporation and China Petroleum and 
            Chemical Corporation Expand Strategic Alliance

IRVING, Texas--(BUSINESS WIRE)--Sept. 11, 2000--ExxonMobil (Guangdong) Petroleum
& Petrochemical Company, Limited, a subsidiary of Exxon Mobil Corporation and
China Petroleum and Chemical Corporation (Sinopec) announced today that they
have entered into an agreement that will significantly increase ExxonMobil's
presence in China and strengthen the cooperation between the two companies.

Under this agreement, the two companies will jointly study the development of
the following major manufacturing and exclusive fuels marketing joint ventures
in Guangdong Province. The refinery at the Guangzhou Petrochemical Complex in
Guangdong Province will be evaluated for expansion of up to twice its present
150,000 barrel-per-day capacity. Similarly, existing petrochemical facilities
will be evaluated and development of a world-class petrochemical complex will be
studied. The two companies will also evaluate a fuels marketing joint venture in
Guangdong Province that could result in the development of up to 500 service
stations within three years following the venture formation.

In addition, government approval is expected imminently for the Fujian project
development proposal. Exxon China Petroleum & Petrochemical Company, Limited has
been working with Fujian Petrochemical Company, Limited (FPCL) and Saudi Aramco,
the national oil company of Saudi Arabia, to develop a joint plan for a
world-scale petroleum and petrochemical complex at the FPCL refinery site in
Fujian Province. FPCL is a joint venture between Sinopec and the Fujian
provincial government. The complex would become a major marketer of
petrochemicals throughout China and petroleum products throughout Fujian

Exxon Mobil Corporation Chairman Lee Raymond said, 'We are pleased to announce
the next stage of our important strategic alliance with Sinopec. It is a very
broad and mutually attractive partnership that builds upon our mutual strengths
and respect. This significant alliance has grown from our long-standing,
cooperative relationship with Sinopec. We believe that this partnership will
benefit ExxonMobil's shareholders by providing attractive investment returns
that are commensurate with world-class operations in a growing market.'

Sinopec is China's largest producer and supplier of wholesale and retail refined
petroleum products, including gasoline, diesel and jet fuel, and is the
country's second largest producer of crude oil. The company is also China's
largest producer and supplier of petrochemical products.

Sinopec Chairman Li Yizhong said, 'We have been working closely with ExxonMobil
for many years on a range of business ventures. The agreement announced today
provides an added dimension to our growing strategic alliance and is reflective
of our cooperative efforts. Such fruitful cooperation will benefit both

Exxon Mobil Corporation is a leading global petroleum and petrochemical company
whose subsidiaries have operations in about 200 countries and territories

For additional information contact:

Tang Ling                    86-10-6505-388-
(ExxonMobil Beijing)         Ext. 8315
                             Ext. 7109

David Dickson                972-444-1108
Suzanne McCarron             972-444-1127

For additional information on ExxonMobil, visit our Web site at

China Petroleum and Chemical Corporation (Sinopec Corporation)

Sinopec is an integrated petroleum and petrochemical company with upstream,
midstream and downstream operations, and, based on total operating revenues from
its continuing operations of RMB 213.0 billion (US$25.7 billion) in 1999,
Sinopec is the largest petroleum and petrochemical company in China.  

Sinopec is the largest distributor and marketer of gasoline, diesel, jet fuel
and most other refined products in China. In 1999, sales of gasoline and diesel
through its Sinopec branded retail and wholesale distribution networks
approximated 62 percent and 84 percent of the total consumption of these
products in China and in its principal market in the eastern and southern
regions in China, respectively. There is a population of 904 million in the
eastern and southern regions of China (accounting for about 73 percent of
China's total population). This market includes a number of big cities and
regions with the most rapid economic growth.

Sinopec is also the largest producer and distributor of petrochemicals in China.
It processed 88.2 million tons of crude oil, representing 50 percent of the
total crude oil processed in China. Sinopec produces gasoline, diesel, jet fuel,
lubricants, fuel oils, various petrochemical feedstocks and other refined
products. In 1999, Sinopec produced approximately 17 million tons and 31 million
tons of gasoline and diesel respectively, that constituted approximately 45
percent and 50 percent of the total gasoline and diesel production in China. Its
production of ethylene, a key petrochemical building block, constituted over 47
percent of the total production in China in 1999.

In addition, Sinopec explores for, develops and produces crude oil and natural
gas principally to supply its refining and chemical operations. In 1999,
approximately 31 percent of its refining and chemical operations' crude oil
requirements were provided by its own crude oil exploration and production
operations with the remainder sourced domestically and internationally.


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