Infineum Announces Asia Pacific Joint Venture
Infineum to form lubricant additive blending joint-venture with Sinopec Shanghai Gaoqiao Petrochemical Company

Infineum, the global petroleum additives enterprise, has this week signed contracts with Sinopec Shanghai Gaoqiao Petrochemical Company to form a new, 50/50 joint venture company - Shanghai High-Lube Additives Co. Ltd.

Under the contract, the joint venture will build a 20,000 metric tons per year lubricant additive blending plant in the Pudong Development Region in Shanghai, China. This new facility will meet increasing market demand for higher quality lubricant oils through a combination of improved additive formulation technology and an optimized blending process.

"This joint venture represents a major step forwards in the continuing improvement of lubricant oil quality in China. Sinopec is a leader in the Chinese lubricant market and Infineum is excited to be entering into this agreement. We are particularly pleased to partner Sinopec GaoQiao as GaoQiao is one of Sinopec's premier lubricant oil blenders and marketers.

In addition, GaoQiao's key location in central eastern China makes it the first facility of its type in this strategic area. Infineum looks forward to working with GaoQiao to develop technologically advanced products for the Chinese lubricant's market," commented Tom Dance, Infineum's vice president for Asia Pacific.

Notes to journalists:

Established in 1981, Sinopec Shanghai Gaoqiao Petrochemical is one of the largest production bases for petroleum chemicals in China. Situated in the Pudong Development Region in Shanghai, the company currently has a crude-oil processing capacity of 7.8 million metric tons from 68 production facilities, enabling it to produce over 300 petroleum chemical products.

The Company is also one of the leading exporters of petroleum chemical products in China, with US$120 million exported in 1999. The company has extensive experience in local and overseas joint venture business management, having already established joint venture companies with world renowned petrochemical companies.

Infineum is one of the market leaders in the development, manufacture and sale of petroleum additives for fuels and lubricants. Formed as a joint venture between ExxonMobil Chemical Company, a division of the Exxon Mobil Corporation, The Shell Petroleum Company Ltd and Shell Oil Company, Infineum became fully operational on 1 January 1999.

The company has its worldwide office in Theale in the UK, with three regional business centres located in Singapore, Milton Hill in the UK and Linden in the USA. In addition, Infineum has four technology centres; 19 manufacturing sites plus sales and marketing representation in over 70 countries around the world.