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MOBIL TO SELL NORWEGIAN GASOLINE, HEATING FUELS BUSINESS

 MOBIL TO SELL NORWEGIAN GASOLINE, HEATING FUELS BUSINESS
 FAIRFAX, Va., March 26 /PRNewswire/ -- Mobil announced today that it has concluded an agreement to sell the automotive and heating fuels marketing businesses of its Norwegian subsidiary, Mobil Oil A/S Norge, to Hydro Olje a.s., a subsidiary of Norsk Hydro a.s., effective April 1. Mobil will receive $57 million for the fixed assets plus an additional amount for working capital and other assets to be determined at the time of the closing.
 In addition, Mobil said its marine fuels business in Norway will be acquired by a number of Mobil's marine fuels agents. Terms were not announced. Mobil's Norwegian exploration and producing activities, carried out by Mobil Exploration Norway Inc., are unaffected.
 "The sale reflects our continuing process of evaluating every part of our business to focus in our areas of strength and ensure we are well-positioned for profitable growth," said Allen E. Murray, Mobil's chairman and chief executive officer. "In Norway, our fuels business was at a scale disadvantage relative to our major competitors."
 A full range of Mobil lubricants and special products will continue to be available to Norwegian customers through Mobil Oil AS, a new wholly-owned Mobil company. Mobil Oil AS has been formed to market Mobil's high-quality range of synthetic and mineral oils and special products, backed by strong technical support, to commercial, marine and retail customers. Production of wax emulsions and special products will continue at Mobil's Sjursoya plant in Oslo.
 In conjunction with the Norwegian fuels sale agreement, Mobil has concluded x?clusive lubricant supply arrangements with Norsk Hydro affiliates in Norway, Sweden and Denmark. This will ensure the long- term availability of Mobil's passenger car engine oils, including Mobil 1, at Hydro stations in the three countries.
 Of the 132 employees currently working for Mobil Oil A/S Norge, about 45 will be retained by Mobil, in Mobil Oil AS. Some will continue to be employed in the marine fuels business under the new arrangement. The remainder will either transfer to Hydro Olje a.s. or will be employed in other capacities within Norsk Hydro A/S.
 -0- 3/26/92
 /CONTACT: John Lord of Mobil, 703-846-2500/
 (MOB) CO: Mobil Oil Corporation; Mobil Oil A/S Norge ST: Virginia IN: OIL SU:


SH -- NY082 -- 2090 03/26/92 15:42 EST
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Publication:PR Newswire
Date:Mar 26, 1992
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