Exxon Chemical to purchase interest in FINA-Borealis at Antwerp.

BRUSSELS, Belgium--(BUSINESS WIRE)--Nov. 22, 1995--Exxon Chemical and Borealis announced today that they have signed a heads of agreement for Exxon Chemical to purchase the 35 percent interest held by Borealis in the Fina-Borealis joint venture steam cracking complex at Antwerp, Belgium. PetroFina holds the other 65 percent interest.

The transfer of ownership is expected to be completed by Jan. 1, 1996. As part of the agreement, Borealis will enter into a long-term olefins supply contract.

The Fina-Borealis complex includes three steam cracking units which have a current capacity of 1 million tons of ethylene and 500,000 tons of propylene and employs about 600 people. Its ideal location in Antwerp between PetroFina's and Exxon's refineries and petrochemical units will further enhance its integration with the companies' refineries.

"This acquisition supports Exxon Chemical's growth in polyolefins and we are enthusiastic about the joint venture's future," said Bob Wilson, Exxon Chemical Europe president. "We look forward to working with Fina to take advantage of both companies' technology and manufacturing know-how to achieve our common goal of ensuring that this complex is among the most competitive in the world."

According to Borealis' chief executive officer, Juha Rantanen, "The European industry as a whole needs to improve the competitiveness of its crackers. The change in the ownership of Fina-Borealis is a positive development and will bring about improvements for the Antwerp complex. At the same time, it allows Borealis to focus more on opportunities for strengthening our other sites in Europe, in order to meet our ambitious financial targets."

"This complex benefits from close integration with other PetroFina operations at Antwerp," said Axel de Broqueville, executive director of PetroFina. "Thanks to Exxon Chemical's technological support and to the integration with the two refineries, the joint venture will be able further to improve its feedstock flexibility and to modernize and expand its operations to make the Antwerp site one of the most efficient in the world."

Olefins, including ethylene and propylene, are basic petrochemical building blocks. Ethylene is widely used to produce products such as plastics, packaging, detergents, solvents, pharmaceuticals, paint and building products. Propylene is used to produce products such as toys, automobile and appliance parts, clothing and carpeting.

Exxon Chemical, a division of Exxon Corporation, has worldwide ethylene production capacity of 3.5 million tons/year. In Europe it has total ethylene capacity of 860,000 tons/year from facilities at Mosmorran and Fawley in the U.K., and at Notre-Dame-de-Gravenchon in France. The company is one of the world's leading polyolefins suppliers.

Borealis is Europe's largest producer of polyolefins and the fifth largest in the world. It produces over two million tons of polyolefins a year.

PetroFina annually produces 650,000 tons of ethylene and 665,000 tons of propylene in Europe. It ranks second among world polypropylene producers and is third leader in Europe on the high density polyethylene market. The joint venture plants are among the biggest in their field, and are located in Antwerp and Feluy, Belguim.

CONTACT: Exxon Chemical

Vin Hoey, 713/870-6221

or

PetroFina

Mark Palmer, 214/750-2900, 214/350-9702

or

Borealis (Denmark)

Dawn Hanson, 45-45-96-6180