<PAGE>
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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 12, 1998
AMOCO CORPORATION
(Exact name of registrant as specified in its charter)
Indiana 1-170-2 36-1812780
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
200 East Randolph Drive, Chicago, Illinois 60601
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312) 856-6111
(No Change)
(Former name or former address, if changed since last report).
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<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events
Following the announcement of a merger between Amoco
Corporation ("Amoco") and The British Petroleum Company
p.l.c. ("BP"), representatives from Amoco and BP gave a
presentation on the merger to the financial community and
press in New York City on August 12, 1998 (the "Meeting").
The presentation slides and supplemental materials
distributed to attendees are included as Exhibit 99 (a) and
Exhibit 99 (b) to this Current Report on Form 8-K.
Item 7. Financial Statements and Exhibits
Exhibit 99 (a) Slides for presentation given at the Meeting.
99 (b) Supplemental materials distributed to attendees at the
Meeting.
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<PAGE>
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.
AMOCO CORPORATION
(Registrant)
Date: August 26, 1998 A. J. NOCCHIERO
A. J. Nocchiero
Vice President and Controller
(Duly Authorized and Chief
Accounting Officer)
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Exhibit 99 (a)
[BP LOGO] [AMOCO LOGO]
PRESENTATION TO THE
FINANCIAL COMMUNITY & PRESS
LONDON & NEW YORK
AUGUST 1998
The following statements, particularly those regarding synergies,
performance, debt, costs, dividends, returns, share buy-backs,
divestments, reserves and growth are or may be forward looking
statements and actual results may differ materially from the
statements made depending on a variety of factors, including
successful integration of BP and Amoco. Additional information
concerning factors that could cause the actual results to differ
materially from those in the forward looking statements are
contained in BP's Annual Report on Form 20-F and Amoco's Annual
Report on Form 10-K filed with the US Securities and Exchange
Commission.
<PAGE>
<PAGE>
[BP LOGO] [Amoco LOGO]
<PAGE>
<PAGE>
SCALE AND REACH
[Graph containing the following data:]
Reserves Market Capitalisation
(bn boe) ($bn)
BP + Amoco 15 119
Exxon 14 172
Shell 19 181
Amoco 6 38
Arco 4 23
BP 9 81
Chevron 6 53
Elf 3 37
ENI 5 54
Mobil 7 56
Texaco 4 32
["boe" denotes barrels of oil equivalents.]
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<PAGE>
INTENT
- - Creation of a new global `super-major'
- Top trio oil & gas reserves
- Global R&M business
- World class petrochemicals company
- - Identified synergies of $2bn pre-tax p.a.
- - Financial Strength
- - Sustainable long term growth
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STRATEGIC FRAMEWORK
- - Distinctive assets
- - Organisational capability
- - Global reach
- - Strongly competitive returns
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DISCIPLINED FINANCIAL FRAMEWORK
- - Prudent capital structure
- 30% gearing ceiling
- - Dividend policy
- Payout 50% of underlying earnings
<PAGE>
<PAGE>
KEY FEATURES
- - Simple structure
- UK holding company
- - Accounting & Reporting
- As a merger
- Reporting in $
- - Global integration of management, assets, operations
- - Value generation for shareholders
- $2bn of pre-tax synergies by 2001
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BOARD
- - Two Co-Chairmen
- - One CEO
- - Two Deputy CEOs
- - One CFO
- - Majority of non-executives
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<PAGE>
SENIOR MANAGEMENT
CEO
John Browne
/
/
/
EVP Chief of Staff --------/--------General Counsel
Stephen Gates / Peter Bevan
/
/
CFO ------------/-------EVP Policies & Technology
John Buchanan / Chris Gibson-Smith
/
/
/
--------------------------------------
/ \
/ \
President & Deputy CEO President & Deputy CEO
Rodney Chase Bill Lowrie
E&P R&M and Chemicals
/ / /
/ / /
/ / /
EVP Int'l Refining & Marketing Chemicals
Dick Olver EVP Int'l Chairman
Peter Backhouse Bryan Sanderson
EVP New Business
Richard Flury EVP USA President
Douglas Ford Enrique Sosa
EVP W Hemisphere
Byron Grote
<PAGE>
<PAGE>
MANAGEMENT
- - London - Global headquarters
- - Chicago - American headquarters
- - Integrated team
- - Global business streams
- - Business Unit structure
<PAGE>
<PAGE>
PEER GROUP
1997 BP Amoco Shell Exxon
- ----------------------------------------------------------
Net Income* $bn 6.4 8 8.2
Production mmboe/d 2.9 3.7 2.7
Oil:Gas ratio 65:35 63:37 59:41
Reserves (bn bbls) 14.8 19.4 14.1
Refinery t'put mmb/d 2.6 4.3 4
Capital Employed ($bn) 53 73 56
Staff (000) 100 105 80
- ----------------------------------------------------------
*US GAAP
["mmboe/d" denotes millions of barrels of oil equivalents per
day.]
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INCOME BY BUSINESS SECTOR
[Bar Graph showing the following information, in $bn:]
Chevron Mobil BP / Amoco Shell Exxon
E&P 1.99 1.93 4.12 4.29 4.39
R&M 0.94 1.18 1.41 2.73 2.01
Chems 0.21 0.32 1.01 1.02 1.33
Other 0.04 0.00 0.00 0.00 0.42
Total 3.18 3.43 6.54 8.04 8.15
Source: 1997 Annual Reports and company estimates
["E&P" denotes exploration and production. "R&M" denotes
refining and marketing.]
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INCOME BY REGION
[Bar Graph showing the following information, in $bn:]
Chevron Mobil BP / Amoco Shell Exxon
USA 1.71 1.43 3.19 1.70 2.97
Europe 0.00 0.90 2.17 3.02 2.46
Rest of 1.47 1.10 1.21 3.34 2.73
World
Total 3.18 3.43 6.57 8.06 8.16
Source: 1997 Annual Reports and company estimates
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UPSTREAM: BP AMOCO
[Map of the world showing the locations of upstream operations of
Amoco, BP and overlap between the two, as follows:]
Amoco: 2 sites in North America
2 sites in South America
1 site in Africa
1 site in Middle East
BP: 1 site in North America
1 site in South America
1 site in Europe
1 site in Middle East
1 site in Asia
1 site in Australia
Overlap: 1 site in Caribbean
1 site in South America
1 site in Europe
2 sites in Africa
1 site in Asia
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UPSTREAM PRODUCTION
[Bar graph containing the following information concerning
upstream production, in mmboe/d:]
Chevron Mobil Exxon BP Amoco Shell
Oil 1.07 0.93 1.6 1.89 2.33
Gas 0.42 0.78 1.09 1 1.38
Total 1.49 1.71 2.69 2.89 3.71
["mmboe/d" denotes millions of barrels of oil equivalents per
day.]
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UPSTREAM: PERFORMANCE
[Bar Graph showing the following information:]
BP / Shell Exxon Mobil Chevron
Amoco
R:P ratio 14 14.3 13.9 11.2 11.4
Finding $/bbl 1.64 1.85 1.72 1.92 2.52
F&D $/bbl 4.19 2.88 4.61 6.81 4.59
Lifting $/bbl 3.05 3 2.9 n/a 3.8
["R:P" denotes reserves:production. "F&D" denotes finding and
developing.]
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<PAGE>
US DOWNSTREAM: BP
[Map of the US illustrating the market share of BP (as provided
below) and BP's refineries in Toledo, Ohio and Alliance,
Louisiana:]
No. 1 or 2
Georgia
Ohio
No. 3-5
Indiana
Kentucky
Pennsylvania
Tennessee
North Carolina
South Carolina
Mississippi
Alabama
Below 5
Michigan
West Virginia
Virginia
Arkansas
Louisiana
Florida
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<PAGE>
US DOWNSTREAM: AMOCO
[Map of the US illustrating the market share of Amoco (as
provided below) and Amoco's refineries In Whiting, IN; Yorktown,
VA; Texas City, TX; Mandan, ND; and Salt Lake City, UT:]
No. 1 or 2
North Dakota
South Dakota
Minnesota
Iowa
Wisconsin
Illinois
Indiana
Kansas
Missouri
North Carolina
Georgia
Florida
No. 3-5
Idaho
Nebraska
Colorado
Michigan
New York
Pennsylvania
Connecticut
Delaware
New Jersey
Maryland
Virginia
Tennessee
South Carolina
Below 5
West Virginia
Arkansas
Mississippi
Utah
Ohio
Kentucky
Alabama
<PAGE>
<PAGE>
US DOWNSTREAM: BP AMOCO
[Map of the US illustrating the market share of BP Amoco (as
provided below) and BP Amoco's refineries In Toledo, OH; Whiting,
IN; Yorktown, VA; Texas City, TX; Mandan, ND; Salt Lake City, UT;
and Alliance, Louisiana:]
No. 1 or 2
North Dakota
South Dakota
Minnesota
Iowa
Wisconsin
Illinois
Indiana
Ohio
Kansas
Missouri
Kentucky
Tennessee
Virginia
North Carolina
South Carolina
Georgia
Alabama
Mississippi
Florida
No. 3-5
Idaho
Nebraska
Colorado
Michigan
New York
Pennsylvania
Connecticut
Delaware
New Jersey
Maryland
Below 5
West Virginia
Arkansas
Louisiana
Utah
<PAGE>
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GLOBAL DOWNSTREAM: BP AMOCO
[Map of the world showing the locations of emerging markets and
established markets of downstream operations for BP Amoco, as
follows:]
Emerging markets: 1 site in Central America
1 site in South America
1 site in Europe
3 sites in Asia
Established markets: 1 site in North America
1 site in Europe
1 site in Africa
1 site in Southeast Asia
1 site in Australia
1 site in New Zealand
[List indicating that International Businesses include Trading,
Shipping, Marine and Aviation.]
<PAGE>
<PAGE>
DOWNSTREAM: ROACE
[Graph illustrating the following information, in %:]
1993 1994 1995 1996 1997
Minimum of 8.7 7.7 8.2 5.6 10.1
Competitors*
Maximum of 12.9 10.9 9.3 8.9 13.2
Competitors*
BP + Amoco 11.5 9.5 7.8 9.6 13
* Shell, Exxon & Mobil
Source: 1997 Annual Reports and company estimates
["ROACE" denotes return on average capital employed.]
<PAGE>
<PAGE>
CHEMICALS: BP AMOCO
[Map of the world showing the locations of chemical operations of BP
and Amoco as follows:]
Amoco: 8 sites in North America
1 site in South America
1 site in Europe
3 sites in Asia
3 sites in Southeast Asia
BP: 2 sites in North America
7 sites in Europe
2 sites in Asia
2 sites in Southeast Asia
<PAGE>
<PAGE>
PETROCHEMICAL SCALE
[Bar graph providing the following
information:]
1997 Sales -
Petchem segments
$bn
UCC 6.5
Dow 10.18
Exxon 12.2
BP / Amoco 12.8
BASF 13.42
Shell 14.27
Leading Positions & Proprietary Technologies:
- Acetyls (1st)
- Nitriles (1st)
- PTA (1st)
- Aromatics (1st)
- PIB (1st)
- Polypropylene (2nd)
- Polyethylene
- Solvents
- ---------------------------
- - Scale
- - Integration
- - Balanced portfolio
- - High demand growth
<PAGE>
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Chemicals: ROACE
[Graph illustrating the following information, in %:]
1993 1994 1995 1996 1997
Minimum of -1.2 8.2 16.8 8.4 9.2
Competitors*
Maximum of 6.9 13.9 29.6 16.1 17.4
Competitors*
BP + Amoco 2.5 14.9 29.2 16 14.9
*Shell, Exxon & Mobil
Source: 1997 Annual Reports and company estimates
["ROACE" denotes return on average capital employed.]
<PAGE>
<PAGE>
SYNERGIES
Annual Pre-Tax ($m)
Cost Savings by 2001
--------------------
Organisational efficiency 1,000
Focussed exploration 300
Business process 200
Procurement 250
Operational rationalisation 250
-----
2,000
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<PAGE>
DELIVERING SHAREHOLDER VALUE
- - $2bn extra pretax income by 2001
- - Revenue synergies not included
- - More upside after 2001
- - Management compensation linked to delivery
<PAGE>
<PAGE>
TIMETABLE
By end 1998
- - Regulatory approvals
- - Shareholder approval
- - Target final agreement
<PAGE>
<PAGE>
SECTOR LEADING PERFORMANCE
- - Strong base founded in US and Europe
- - Blend of the best of two companies into a new super-major
- - Momentum, capacity and confidence to deliver accelerated growth
<PAGE>
<PAGE>
[BP LOGO] [Amoco LOGO]
<PAGE>
<PAGE>
Exhibit 99 (b)
August 11, 1998
- -------------------------------------------------------------------------
Supplemental Information
[BP LOGO] [AMOCO LOGO]
<PAGE>
<PAGE>
Highlights
Transaction summary Transaction Overview
- ---------------------------------- -------------------------------------
- - Merger of Amoco into a Transaction description
newly formed BP first-tier - UK Holding Company Structure
US subsidiary - Amoco shareholders exchange
their shares in Amoco for ADRs
- - Amoco shareholders receive representing shares in BP
BP plc ordinary shares Accounting/reporting
as ADRs - Accounted for as a merger under
UK GAAP (or "pooling"
- - Unified global management under US GAAP)
team - BP to report in US
dollars, under UK GAAP with
- - US and UK GAAP results supplementary US GAAP information
presented using merger provided
accounting or on a Dividends
"pooling of interest" basis - Dividends to be declared in
dollars, with a sterling
- - US dollar denominated group alternative to be
financials and dividends offered to all UK shareholders of
BP who require Sterling
- - Transaction recommended by - Dividends to be distributed in
both Boards the normal course of business up
until closing
- - Target closing: Listing/index
December 31, 1998 - BP+Amoco remains in the FTSE 100
index
- FTSE weighting expected to
increase
Approvals
- Approvals by shareholders of BP
and Amoco
- Regulatory & tax authorities
<PAGE>
<PAGE>
The Supermajors1
Reserves2 vs. Market Capitalisation3
[Graph containing the following data:]
Oil/NGL/Gas Market
Reserves Capitalisation
(mm boe) ($ MM)
The Supermajors
BP + Amoco 14782 119242
Exxon 13812 171581
RD Shell Group 19036 180507
Amoco 5601 38265
Arco 4111 23043
BG Plc 824 25397
BP4 8666 80977
Chevron 6167 53346
Elf 3375 37061
ENI 4558 54153
Enron Corp. 741 18594
Marathon 1445 9968
Mobil 6931 56260
Occidental 1425 8724
Petrofina 848 9312
Phillips 2276 11715
Repsol 1037 16641
Total 4583 29518
Texaco 4308 31926
YPF 3073 10680
Source: annual report for BP and Amoco; Petrocompanies for the remainder;
Datastream
1 Worldwide publicly traded companies included
2 Barrels of oil equivalent, excluding affiliates, 1997 data
3 As of July 24, 1998; on a combined basis for BP+Amoco
4 Includes associated undertaking (Abu Dhabi)
["boe" denotes barrels of oil equivalents.]
<PAGE>
<PAGE>
Top three ranking1
- ------------------------------------------------------------------------
#2 Oil and gas #2 Oil and gas #3 Net refining
production4 reserves2,4 capacity
- ------------------------ ----------------------- ----------------------
000 boe/d mm boe 000 barrels/day
RD/Shell 3,662 RD/Shell 19,036 RD/Shell 4,463
BP+Amoco3 2,889 BP+Amoco3 14,782 Exxon 2,922
Exxon 2,656 Exxon 13,812 BP+Amoco 2,714
Mobil 1,686 Mobil 6,931 Mobil 2,283
Chevron 1,421 Chevron 6,167 Chevron 1,548
Texaco 1,196 Total 4,583 Texaco 1,546
Elf 1,013 ENI 4,558 ENI 955
ENI 961 Texaco 4,308 Elf 930
#2 SEC 10 5 #3 1997 net income
----------------------- ----------------------------
US $bn US $bn
RD/Shell 44.8 Exxon 8.5
BP+Amoco 34.4 RD/Shell 7.8
Exxon 33.1 BP6+Amoco 6.4
ENI 19.4 Chevron 3.2
Mobil 17.8 Mobil 3.2
Chevron 15.0 ENI 3.0
Texaco 12.1 Texaco 2.7
Arco 11.2 Arco 2.0
Source: Annual Reports and Financial Supplements for BP and Amoco;
Petrocompanies for the remainder
1 Worldwide publicly traded companies included
2 As at 31/12/97
3 Includes associated undertakings
4 One barrel of oil equivalent = 5,800 cubic feet of gas
5 Standardized measure of discounted future net cash flows relating to
proved oil and gas reserves
6 US GAAP
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The merged company structure and management
- ------------------------------------------------------------------------------
Structure Management
- ---------------------------------- ---------------------------------------
Amoco BP Co-Chairman --------Co-Chairman
shareholders shareholders P. D. Sutherland | H. L. Fuller
|
\ / |
ADR \ / Board of 22 members
\ / 13 nominated by BP and 9 nominated by
\ / Amoco
\ / |
\ / |
Group Chief
BP+Amoco plc Executive
Sir John Browne
/ \ |
/ \ |
/ \ Group chief |
/ \ Financial Officer -|
/ \ J. G. S. Buchanan |
|
Amoco Corp BPsubs |
------------|----------
| |
Deputy CEO/ Deputy CEO/
Co-President Co-President
R.F. Chase W.G. Lowrie
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<PAGE>
Value creation
- -------------------------------------------------------------------
Annual pre-tax cost savings
by 2001 (US $MM) Delivering shareholder value
- ----------------------------------- ----------------------------
Organisational efficiency 1,000 - $2bn pretax income
boosted by end 2000
Focused exploration 300 - Revenue synergies not
included
Business process 200 - More upside after 2001
Procurement 250 - Management compensation
linked to delivery
Operational rationalisation 250
_______
2,000
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<PAGE>
Upstream operations
- ---------------------------------------------------------------------
BP+Amoco reserves (million barrels of oil equivalent)
- ---------------------------------------------------------------------
By product 1993 1994 1995 1996 1997 1997%
- ----------------------------------------------------------------------
Oil 8,760 8,743 8,899 9,194 9,272 63%
Gas 4,808 4,960 5,092 5,233 5,510 37%
Total 13,568 13,703 13,991 14,427 14,782
- ----------------------------------------------------------------------
By region 1993 1994 1995 1996 1997 1997%
- ----------------------------------------------------------------------
US 6,330 6,328 6,306 6,158 6,044 41%
Europe 2,877 2,897 2,928 2,946 2,876 19%
Rest of world1 4,361 4,478 4,757 5,323 5,862 40%
Total 13,568 13,703 13,991 14,427 14,782
BP+Amoco production (000 barrels of oil equivalent per day)
- ---------------------------------------------------------------------
By product 1993 1994 1995 1996 1997 1997%
- ---------------------------------------------------------------------
Oil 1,920 1,933 1,873 1,903 1,888 65%
Gas 911 947 946 1,020 1,001 35%
Total 2,831 2,880 2,819 2,923 2,889
- ------------------------------ --------------------------------------
By region 1993 1994 1995 1996 1997 1997%
- ---------------------------------------------------------------------
US 1,369 1,344 1,301 1,315 1,252 43%
Europe 702 790 748 799 831 29%
Rest of world1 759 746 770 809 806 28%
Total 2,831 2,880 2,819 2,923 2,889
Highlights
- - OECD core in: the North Sea, the North American gas business,
and Alaska where the new group will be the leading producer in
each area, with the profitability, infrastructure, and resource
base to sustain itself for the foreseeable future
- - Enhanced scale and competitive advantage in emerging areas in
Caspian, Gulf of Mexico, Angola, Venezuela and Norway
- - Portfolio of gas plays in emerging markets in Trinidad, the
Southern Cone of South America, in northern European the Greater
Mediterranean, and the Far East
- - Access/Options/Relationships in: Russia, and the Middle East
Source: Annual Reports and Financial Supplements
Note: one barrel of crude oil = 5,800 cubic feet of gas
1 Includes BP's associated undertaking in Abu Dhabi
<PAGE>
<PAGE>
Downstream operations
- ----------------------------------------------------------------
BP+Amoco downstream volumes and share
- ----------------------------------------------------------------
Downstream volumes worldwide (000 boe/day)
1993 1994 1995 1996 1997
- ----------------------------------------------------------------
Gasolines 1,277 1,245 1,270 1,253 1,312
Distillates1 1,250 1,193 1,189 1,179 1,200
Other2 622 627 645 637 734
Total 3,149 3,065 3,104 3,069 3,246
- -----------------------------------------------------------------
Highlights
- - Largest gasoline retail share in the US east of the Rockies
(excluding Texas)
- - #1 or #2 in 20 out of 35 States in which it operates
- - #2 for the whole US (Shell/Texaco strong on West Coast)
- - Refining portfolio in 1st or 2nd quartile for performance
- - Top tier with respect to sale of premium gasolines (Amoco
32% vs. BP 20%)
Estimated 1996 market
share of retail fuel
US gasoline retail share4,7 sales in OECD Europe5
- --------------------------- ----------------------
BP+Amoco 14% Shell 12%
Shell-Texaco 13% Exxon 10%
Exxon 7% BP/Mobil 10%
Mobil 7% Agip 7%
Marathon/Ashland 7% Elf6 6%
Citgo 7% Repsol 5%
Others 45% Aral 5%
Others 45%
Total 100% Total 100%
BP+Amoco refining capacity3
- ---------------------------------------------
Net capacity3
Country (000 boe/day)
- ------------------------ ----------------
US 1,420
UK 270
Australia 212
France 207
Netherlands 182
Germany 102
South Africa 83
Singapore 75
Spain 75
Turkey 48
New Zealand 28
Kenya 12
- --------------------------------------------
Total 2,714
Source: Annual Reports and Financial Supplements
1 Includes aviation fuels
2 Includes fuel oil
3 Crude distillation rated capacity
4 Source: Lundberg
5 Source: Wood Mackenzie, April 1998
6 Includes 100% of Cepsa
7 Excluding Pacific Coast, S.W. States, and Texas
<PAGE>
<PAGE>
Chemicals operations
Chemicals ranking
Company 1997 sales (US$ bn)
- -----------------------------------------
Royal Dutch/Shell 14.3
BASF 13.4
BP+Amoco1 12.8
Exxon 12.2
Dow 10.2
- -----------------------------------------
Other Oil Companies 1997 sales (US$ bn)
- -----------------------------------------
ENI 5.7
ARCO 3.7
Phillips 3.5
Chevron 3.5
Mobil 3.0
- -----------------------------------------
Global market position Leading technology
- ---------------------------------------------------
#1 Acetic acid free market - Acetic acid and VAM2
#1 Acrylonitrile - Acrylonitrile
#1 Aromatics - Polyethylene
#1 PTA3 - PTA
#1 PIB4 - Solvents
#2 Polypropylene - Alpha-Olefins
- ----------------------------------------------------
Source: Annual Reports and Financial Supplements
1 Includes joint venture sales
2 Vinyl acetate
3 Purified terephthalic acid
4 Polybutene
<PAGE>
<PAGE>
Major chemical site locations
Site Country Main products
- -----------------------------------------------------------------
Lima US Acrylonitrile
Green Lake US Acrylonitrile
Texas City US Acetic acid, Solvents
Whiting US Polymers
Joliet US Industrial Chemicals
Decatur US Paraxylene/PTA
Cooper River US PTA
Pasadena Dear Park US Alpha-olefins
Chocolate Bayou US Olefins
Polypropylene
Texas City US Styrene, Paraxylene
Cedar Bayou US Polypropylene
Cosoleacaque Mexico PTA
Sao Paulo Brazil PTA
Baglan Bay UK Solvents, Styrene,
Grangemouth UK Polymers, Olefins,
Solvents
- -----------------------------------------------------------------
Site Country Main products
- -----------------------------------------------------------------
Hull UK Acetic acid, Solvents
Wilton UK Polymers and Olefins
Feluy Belgium Alpha-olefins
Geel Belgium PTA, Polypropylene
Lavera France Polymers, Olefins,
Solvents
Gonfrevile France Polypropylene
Wingles France Styrenics
Dormagen Germany Polymers, Olefins
Marl Germany Styrenics
Merak Indonesia Polymers, PTA
Kertih Malaysia Polymers, Olefins
Singapore Singapore Paraxylene,
Electronic materials
Kuantan Malaysia PTA
Ulsan South Korea PTA, Acetic acid,
solvents
Kaohsiung Taiwan PTA
Source: Annual Reports and Financial Supplements
<PAGE>
<PAGE>
Timetable
By end 1998:
- - Regulatory approvals
- - Shareholder approval
- - Target for final agreement
