ESSO THAI REFINERY PROJECT, DIVESTITURE OKAYED

Exxon Corp. has won approval of its proposed $500 million Thai refinery expansion and a related offer to divest 30% of its Thai downstream interests to the Thai government and public. The divestiture involves Esso Standard Thailand (EST), wholly owned subsidiary of Esso Eastern. The move is a break with Exxon's long policy of sole ownership and operating control of assets in Thailand, where the company or a forerunner has operated for 96 years.

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