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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549-1004
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 7, 1996
MOBIL CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-7555 13-2850309
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
3225 Gallows Road
Fairfax, Virginia 22037-0001
Telephone: (703) 846-3000
(Address of principal executive offices)
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Item 5. Other Events
The Registrant hereby incorporates by reference herein the
information set forth in its News Release dated August 7, 1996 a
copy of which is annexed hereto as exhibit 99.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(c) Exhibits.
99. Mobil Corporation News Release dated August 7,
1996 which announced that BP and Mobil have
received approval from the European Commission
(EC) to combine the two companies' European
operations in the marketing and refining of fuels
and lubricants.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
REGISTRANT MOBIL CORPORATION
By /s/ Gordon G. Garney
NAME AND TITLE Gordon G. Garney, Senior Assistant Secretary
DATE August 7, 1996
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EXHIBIT INDEX
EXHIBIT SUBMISSION MEDIA
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99. Mobil Corporation, Electronic
News Release dated
August 7, 1996
Exhibit 99
CONTACT: David Dickson +1 703 846 2378, or
Christopher Springham, +1 703 846 2500
EUROPEAN UNION APPROVES THE BP/MOBIL
EUROPEAN DOWNSTREAM JOINT VENTURE
FAIRFAX, VA., August 7, 1996 -- BP and Mobil announced today that
they have received approval from the European Commission (EC) to
combine the two companies' European operations in the marketing
and refining of fuels and lubricants.
Under the agreement, which was announced at the end of
February 1996, BP and Mobil will pool assets with a book value of
some $5 billion -- $3.4 billion from BP and $1.6 billion from
Mobil -- to create partnerships across Europe with net annual
sales of more than $20 billion.
In a joint statement, BP Chief Executive John Browne and
Mobil Chairman and Chief Executive Officer Lucio A. Noto said: "We
are delighted to have received such prompt approval from the EC.
Our people have been working well together to plan this unique
European venture and we are now in a position to build a combined
business which will put us into the top tier of European marketing
and refining, enhance our position in numerous national markets
and products sectors and have a strong potential for future profit
growth."
Operating partnerships for fuels and for lubricants will now
be established in each of the countries covered by the venture
through local partnership agreements which reflect the legal,
fiscal and social circumstances of each country.
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The timing of these agreements will vary according to the
complexity of the current business, completion of appropriate
employee consultation and, in some non-European Union countries,
the need to obtain local approvals. It is expected that several
of the partnerships will be operational by the end of the year and
that all of them will be completed by the end of 1997.
BP will operate and have a 70 percent interest in the fuels
part of the venture in each country and will run the fuels-
oriented refineries of both companies together with their
commercial and retail networks including some 9,000 service
stations. Over time, the Mobil service stations will be converted
to bear BP's green image and all sites will carry Mobil lubricants
and signage and the joint venture logo.
Mobil will operate and have a 51 percent interest in the
lubricants part of the venture in each country which will manage
and market both companies' brands of lubricants and specialty
products and run the lubricant base oil refineries and blending
plants. Over time, it is expected that there will be some
rationalization of lubricant products but both Mobil and BP
lubricants will be promoted in the joint venture service stations.
"Our express intention is to harness the strengths, skills,
experience and knowledge of both companies and to build in
particular on BP's skills in the fuels area and Mobil's in
lubricants," explained Peter Backhouse, chief executive officer of
BP Oil Europe who will lead the fuels venture. "By doing this we
will be able to deepen and strengthen our position in Europe and
distinguish ourselves from the competition."
European Coordination offices for both the fuels and
lubricants partnerships will be established in Brussels and the
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fuels and lubricants businesses in each country will be run from
shared office locations by their respective management teams.
Service departments, such as information technology, accounting
and office management will also merge.
"The new operation will have unmatched strengths because of
its scale, specialist expertise and integration," said Jean-Louis
Schilansky, vice president of lubes marketing for Mobil Europe
Limited who will lead the lubricants venture. "Combining the two
businesses will give us a bigger presence in the market and enable
us to make a greater impact in the growth markets of central and
eastern Europe."
# # # August 7, 1996
