Stake in Singapore Aromatics Plant Sold

BP Amoco PLC
8 December 1999


BP AMOCO SELLS STAKE IN SINGAPORE AROMATICS
PLANT TO EXXONMOBIL CHEMICAL AFFILIATES

Today the shareholders of Singapore Aromatics Company Private (SAC) announced
an agreement in principle for ExxonMobil Chemical affiliates to purchase all
of the SAC shares owned by affiliates of BP Amoco and China American
Petrochemical Company (CAPCO).  SAC is a 350,000 metric ton annual (KTA)
paraxylene joint venture located in Singapore.  Although detailed contracts
are still pending, a completed transaction is expected shortly and will
include a long term paraxylene offtake agreement between affiliates of
ExxonMobil Chemical and affiliates of BP Amoco.

Due to the current market conditions for both paraxylene and motor gasoline,
SAC plans to temporarily shut down its manufacturing facilities within the
next month. A firm shutdown duration has not been established.  During the
shutdown period,care will be taken to preserve assets for the time when
conditions are right for a restart.

Paraxylene is used to make intermediate chemicals including purified
terephthalic acid (PTA) for the production of polyester.  Established in 1995,
SAC began production in January of 1997.

'Full ownership of SAC will allow integrated operation of these assets with
those of the new Singapore Chemical Complex,' said Ken Robertson, senior vice
president, ExxonMobil Chemical Company.  'It will also allow for integration
and optimisation with Esso Singapore's refinery.'

'BP Amoco Chemicals views paraxylene as a core business and, together with its
affiliates, remains the world's largest consumer and producer.  In Singapore,
we are converting our equity position in SAC to a long-term supply arrangement
with an ExxonMobil Chemical affiliate,' said Mark Noetzel, Group Vice
President, BP Amoco Chemicals.  'In Belgium, we are continuing construction of
a new 420 KTA paraxylene plant at Geel adjacent to our PTA plants.  The Geel
paraxylene unit is scheduled to start in the first quarter 2000.'

SAC is a joint venture between Exxon Chemical Singapore Private Limited (50
per cent). BP Amoco Chemical Singapore Holding Company (40 per cent) and China
American Singapore Company Private Limited (10 per cent).

Further information:

Prem Nair
ExxonMobil Chemical tel: [phone]

Scott Dean
BP Amoco press office tel: [phone]