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EXXON ESTABLISHES OPERATING AFFILIATE FOR FORMER USSR REPUBLICS; KOONCE TO HEAD MOSCOW-BASED AFFILIATE

 IRVING, Texas, Aug. 17 /PRNewswire/ -- The Exxon Corporation announced today that its affiliate, Exxon Ventures (CIS) Inc., formed in 1992 as a representative office in Moscow, would be reconstituted as an operating affiliate. The expanded company will consolidate under one management the responsibility for Exxon's exploration and production activities in the countries that composed the former Soviet Union.
 Mr. K. Terry Koonce, currently president of Exxon's principal downstream research affiliate, Exxon Research and Engineering, will be named president of the reconsituted company, effective October 1, 1993.
 Upon its formation in late 1992, Exxon Ventures (CIS) Inc. opened a representative office in Moscow with Mr. Nicholas Govoroff in charge. Upon the appointment of Mr. Koonce, Mr. Govoroff will be named general manager of the Moscow office.
 Mr. Lee R. Raymond, Chairman of Exxon Corporation, in making the announcement, said, "This latest action is a logical step in Exxon's ongoing effort to develop commercial arrangements for exploring and eventually producing in the countries of the former Soviet Union." Mr. Raymond noted that "Exxon has active ongoing discussions with several of the republics, most notably Russia and Kazakhstan. In Russia, Exxon has active discussions ongoing with respect to exploration in Sakhalin and Timan-Pechora. In addition, in partnership with Mobil, we recently submitted tenders for exploration and production acreage in West Siberia."
 Mr. Raymond went on to say, "The consolidation of the management of these ventures into one company headquartered in Moscow, the opening of a local representative office in Almaty, Kazakhstan, and the appointment of one of our most senior and experienced executives as president of the affiliate, will allow us to be more effective in pursuing these and other opportunities."
 Mr. Koonce, has previously held several important executive positions in Exxon including senior vice president and member of the management committee of Exxon Company, U.S.A., Exxon's domestic oil and gas operating division; president of Esso Resources, Canada, the exploration and production arm of Imperial Oil Ltd., Exxon's Canadian affiliate, and member of the Board of Imperial; president of Exxon Research and Engineering, Exxon's major research company in New Jersey.
 Exxon Ventures (CIS) Inc. will assume responsibility for exploration and production activities in the former Soviet Republics previously managed by Exxon Exploration Company and Exxon Company, International, respectively. The former is Exxon's worldwide exploration company and the latter is responsible for Exxon's oil and gas production operations outside North America. Exxon Ventures (CIS) Inc. will continue to receive substantial technical advice and other support from Exxon Exploration Company, Exxon Company, International and Exxon Production Research Company, Exxon's upstream research affiliate.
 Except for Mr. Koonce and a limited staff located in the Moscow and the Almaty offices, the remaining personnel of Exxon Ventures (CIS) Inc. will be located in Houston, Texas.
 -0- 8/17/93
 /CONTACT: Doug Walt, Exxon Corp., 214-444-1107 or -1109/
 (XON)


CO: Exxon Corporation ST: Texas IN: OIL SU:

LG -- NY076 -- 3681 08/17/93 15:52 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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