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AMOCO, SINOPEC TO EXPLORE POTENTIAL REFINING, PETROCHEMICAL PROJECTS IN CHINA

 BEIJING, Sept. 27 /PRNewswire/ -- Amoco Corporation (NYSE: AN) and China Petrochemical Corporation (SINOPEC) have signed a general protocol, which will enable the two companies to explore potential projects including joint venture refining and petrochemical opportunities in the People's Republic of China.
 Under the two-year agreement signed by Amoco Corporation Vice Chairman Lawrason D. Thomas and SINOPEC Vice President Wu Xie Gang in Beijing, the companies may cooperate on the following projects:
 - petroleum refining and natural gas conversion to
 produce and market motor fuels, petrochemicals,
 and other hydrocarbon products;
 - transportation, storage, and marketing of
 products, feedstocks, and crude oil; and
 - using and marketing natural gas, coal gas,
 methane, and other fossil fuels produced in
 China.
 "The agreement with SINOPEC demonstrates Amoco's ongoing commitment to pursuing mutually beneficial business opportunities in China," Thomas said. "This agreement signifies a wonderful opportunity for Amoco to expand its operations in China and contribute to the growth of the country. We look forward to working with SINOPEC for many years to come."
 All of Amoco's operating companies currently are pursuing opportunities in China.
 Amoco Oil Company, the refining, marketing and transportation subsidiary of Amoco Corporation, coordinates its China business activities from an office in Hong Kong.
 Amoco Chemical, the chemical manufacturing and marketing subsidiary of Amoco Corporation, has been doing business in China since the late 1970s, when it licensed technology here. The Yizheng Amoco Fabrics Company Ltd., a joint venture between Amoco Chemical and Yizheng Joint Corporation of Chemical Fiber Industry, began producing and marketing fabric products in May 1992. Amoco Chemical also is currently evaluating a PTA project in Zhuhai.
 Amoco Chemical's Far East headquarters also is in Hong Kong. An office was opened in Beijing last year to further strengthen and build business relationships in China.
 Amoco Production, the exploration and production subsidiary of Amoco Corporation, has several projects underway in China. The company is developing the offshore Liuhua field in the South China Sea and plans to explore a mainland tract in Anhui Province's Fuyang Basin. Amoco is the first Western company in China to have an onshore petroleum exploration contract.
 Amoco Production's Far East activities are coordinated out of offices in Beijing and Shekou, China.
 Under the direction of China's State Planning Commission, Beijing- based SINOPEC is an oil and natural gas refiner and petrochemical manufacturer and marketer. SINOPEC controls 90 percent of China's refining capacity.
 Chicago-based Amoco Corporation is one of the world's leading petroleum, natural gas, and chemical companies.
 -0- 9/27/93
 /CONTACT: Mary Milnamow, 312-856-6066, or C. James Fair, 312-856-5566, both of Amoco Corporation, Chicago/
 (AN)


CO: Amoco Corporation; China Petrochemical Corporation ST: Illinois IN: OIL SU: JVN

BM -- CL008 -- 5990 09/27/93 14:19 EDT
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Publication:PR Newswire
Date:Sep 27, 1993
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