Exxon Mobil Corporation

Exxon Mobil Corporation

March 01, 2005 14:19 ET

ExxonMobil Announces Sale of Sinopec Shares


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: EXXON MOBIL CORPORATION

NYSE SYMBOL: XOM

MARCH 1, 2005 - 14:19 ET

ExxonMobil Announces Sale of Sinopec Shares

IRVING, Texas--(CCNMatthews - Mar 1, 2005) -

Exxon Mobil Corporation ("ExxonMobil") (NYSE:XOM) today announced that
it has completed the sale of its 3.7 percent stake in China Petroleum
and Chemical Corporation ("Sinopec").

The selling process commenced after close of the Hong Kong market and
placed the shares on the public markets at a price of HK$3.38 per share,
raising approximately HK$10.7 billion (US$1.37 billion). Merrill Lynch
is the Placing Agent for the Sinopec shares.

The positive earnings impact from this transaction will be reported in
the first quarter of 2005.

ExxonMobil acquired approximately 3.2 billion 'H' shares in Sinopec at a
price of HK$1.61 per share when 20 percent of the company was floated on
international markets in October 2000. This investment facilitated the
development of a strategic alliance with Sinopec. Today, Sinopec is a
valued partner of ExxonMobil and we continue to jointly develop
refining, fuels marketing and chemical ventures in China.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    ExxonMobil, Dallas
    Lauren Kerr, 972-444-1107
    or
    ExxonMobil, Beijing
    Tang Ling, 86 10 6505 4142