Mobil announces sale of E&P affiliate in Turkey.FAIRFAX, Va.--(BUSINESS WIRE)--Jan. 4, 1996--Mobil Oil Corporation (NYSE NYSE See: New York Stock Exchange : MOB) announced today that it had completed the transfer of 100% of its shares of Mobil Exploration Mediterranean Inc. (MEMI MEMI Magazin für Elektronische Musik Im Internet (German) MEMI Metal MIlitia (digital paintball clan) MEMI Master Equipment Management Index MEMI Middle East Medical Index ), its E&P affiliate in Turkey, to Petrom Production Ltd. Financial details of the sale were not disclosed. Petrom Production Ltd. is an independent international operating company operating company A business that engages in transactions with outsiders. based in Ireland. Momentum Engineering is the major shareholder and has recently been active in Turkey in the first offshore development drilling. It has been awarded the contract to install a platform and a pipeline in the Sea of Marmara on behalf of the state-owned Turkish Petroleum Company. MEMI has been engaged in exploration and producing activities in Turkey since 1956 and is currently producing 2,100 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. of crude oil from the Selmo field located in southeast Anatolia. The sale is part of Mobil's ongoing review of its exploration and producing activities. In this case, the assets of MEMI were worth more to others than to Mobil. Mobil continues to maintain a strong presence in Turkey as it has for over 90 years. Mobil operates a joint-venture refinery in Mersin and is expanding its marketing of fuels and lubricants lubricants preparations for the lubrication of passages to reduce frictional injury, e.g. oily preparations, including petroleum jelly, lanolin or water-soluble preparations such as methyl cellulose. . It is also evaluating investments in large-scale power plants. CONTACT: Mobil Corporation, Fairfax Gail Campbell Woolley, 703/846-2500 |
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