IRVING, Texas, Feb. 7 /PRNewswire/ -- On December 7, 1999, BP Amoco and
ExxonMobil (NYSE: XOM) announced that they had mutually agreed on the
principles under which the BP-Mobil Fuels and Lubricants JV would be
dissolved, in response to the European Commission's authorization of the Exxon
and Mobil merger.
ExxonMobil is pleased to be able to confirm that the EU Merger Task Force
approved the JV dissolution principles on February 3.
Under the agreement, which is subject to a number of approvals and
appropriate employee consultation, BP Amoco will purchase Mobil's 30 percent
interest in the fuels business with the exception of the Gravenchon refinery,
which will transfer to ExxonMobil. The agreement also includes the transfer
of Mobil's interests in certain pipelines serving the Coryton refinery and
Gatwick airport. With regard to the lubricants business of the joint venture,
all base oil manufacturing and finished lubricants assets will be divided
between the two companies broadly in line with their equity stakes in that
part of the joint venture (51 percent Mobil, 49 percent BP Amoco).
ExxonMobil has started discussions with BP Amoco in order to reach
detailed transaction agreements. Our aim is to finalize these as quickly as
possible during the coming months.
We will keep our customers and employees informed of the various steps to
European and local implementation, which we will move quickly to complete.
SOURCE Exxon Mobil Corporation
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Related links:
http://www.exxon.mobil.com
Company News On-Call:
http://www.prnewswire.com/comp/143842.html or fax,
800-758-5804, ext. 143842
CONTACT:
Dave Dickson of Exxon Mobil Corporation,
972-444-1108
NOTE TO EDITORS: A copy of the December 7 news release announcing
the dissolution of the joint venture can be found on the
ExxonMobil Internet site, http://www.exxon.mobil.com under the news
release section.
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