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ESSO, THAI GOVERNMENT SIGN MAJOR REFINERY AGREEMENT

 ESSO, THAI GOVERNMENT SIGN MAJOR REFINERY AGREEMENT
 IRVING, Texas, Dec. 27 /PRNewswire/ -- Exxon Corporation (NYSE: XON)


announced today that Esso Standard Thailand Ltd. (ESTL), an affiliate, had signed a major refinery expansion agreement with the government of Thailand. The project will increase the capacity of ESTL's Sriracha Refinery from 63,000 barrels per day currently to 185,000 barrels per day in two phases.
 The first phase of the expansion will cost more than $900 million. Construction will begin in mid-1992 and completion is scheduled for mid- 1995.
 R.L. Rich, Exxon Company International's vice president with responsibility for the company's refining and marketing business outside North America, noted that the ESTL refinery expansion project is one of Exxon's largest single refinery investments in the world.
 The first phase, incorporating state-of-the-art technology and computer controls, will include a second set of distillation units to increase crude oil processing capacity to 145,000 barrels per day; a fluid catalytic cracker utilizing Exxon proprietary technology to convert feedstock to higher value products, such as gasoline; a continuous catalytic reformer which will enable the refinery to manufacture high octane unleaded gasoline; and sulphur recovery and hydrotreating units for the production of high quality, low sulphur diesel fuels.
 The agreement involves the ownership participation of the government of Thailand and the Thai public, not only in the expansion project, but in ESTL's total refining and marketing business in that country. Initially, the government of Thailand will acquire a 12.5 percent interest in ESTL. Following completion of the first phase of the expansion, 20 percent of ESTL shares will be offered to the public and these shares will be listed on the Stock Exchange of Thailand, to make the eventual ownership of the company 70 percent Exxon, 20 percent public and 10 percent government of Thailand (through the Ministry of Finance.)
 -0- 12/27/91
 /CONTACT: Exxon public relations, 214-444-1107, -1108 or -1109/
 (XON) CO: Exxon Corporation ST: Texas IN: OIL SU:


GK-SM -- NY003 -- 5444 12/27/91 10:32 EST
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Publication:PR Newswire
Date:Dec 27, 1991
Words:337
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