MOBIL TO SELL AUSSIE PETROCHEMICAL ASSETS

Mobil Oil Australia plans to withdraw from Australian petrochemicals in a proposed $1 billion (Australian) shakeup and merger of that sector of the industry. Moves are under way for Mobil to sell its 50% interest in three petrochemical businesses that form part of the Altona Chemical Complex on the outskirts of Melbourne. The three are Altona Petrochemical Co., Commercial Polymers, and Australian Synthetic Rubber Co. A unit of Exxon Corp. holds the other 50% interest in all three.

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