Qatar Petroleum and ExxonMobil Chemical Sign Heads of Agreement for Petrochemical Complex

Qatar Petroleum and ExxonMobil Chemical Qatar Limited, a
subsidiary of Exxon Mobil Corporation (NYSE:XOM), today announced they
have signed a Heads of Agreement (HOA) to progress studies for a
proposed $3 billion world-scale petrochemical complex in Ras Laffan
Industrial City, Qatar. The announcement was made by His Excellency,
Abdullah Bin Hamad Al-Attiyah, Qatar Second Deputy Premier and
Minister of Energy and Industry, and by Michael J. Dolan, President,
ExxonMobil Chemical Company, at a signing ceremony today in Doha.

"The State of Qatar has embarked on ambitious programs to utilize
and develop its hydrocarbon resources. These programs are part of the
vision of HH Sheikh Hamad Bin Khalifa Al-Thani, the Emir, that aims to
ensure efficient utilization and optimization of the country's
resources via oil and gas developments and, through diversifying its
sources of income creating development opportunities for Qatar and its
people," H.E. Abdullah Bin Hamad Al Attiyah, Second Deputy Premier,
Minister of Energy and Industry, Chairman of Qatar Petroleum, said on
this occasion.

"ExxonMobil Chemical is pleased with the significant progress we
have made together with Qatar Petroleum on the feasibility study for
this important project," added Dolan. "We believe this proposed
project will capitalize on our core competencies, to bring significant
benefits to both parties and establish a competitively advantaged
platform for growth."

The proposed petrochemical complex includes a world-scale, 1.3 MTA
steam cracker and associated derivative units, including polyethylene
and ethylene glycol, and will employ ExxonMobil's proprietary steam
cracking furnace and polyethylene technologies. It will utilize
feedstock from gas development projects in Qatar's North Field and
serve markets with premium products in both Asia and Europe.
Currently, start-up of the proposed facility is estimated in 2012.

Qatar Petroleum

Qatar Petroleum (QP), www.qp.com.qa, formerly Qatar General
Petroleum Corporation, is a state-owned corporation established, by
Emiri Decree No 10, in 1974 responsible for all phases of the oil and
gas industry in Qatar. The principal activities of Qatar Petroleum and
its subsidiaries and joint ventures cover exploration, drilling and
production operations, transport, storage, marketing and sale of crude
oil, natural gas liquids, liquefied natural gas, refined products,
petrochemicals and fertilizers, and providing helicopter services.

Qatar Petroleum's strategy of conducting hydrocarbon exploration
and new projects is through Exploration and Production Sharing
Agreements (EPSA) and Development and Production Sharing Agreements
(DPSA) concluded with major international oil and gas companies.

ExxonMobil

Exxon Mobil Corporation, through its subsidiaries, has had a
presence in Qatar since 1935. Qatar Petroleum and ExxonMobil are
currently working together to diversify the use of North Field gas
including the expansion of facilities to deliver liquefied natural gas
resources to targeted markets, the supply of pipeline gas to domestic
customers and conversion of gas to high quality liquid products for
export to world markets.

ExxonMobil Chemical (www.exxonmobilchemical.com) is a global
leader in technology, product quality and customer service with
petrochemical manufacturing and/or marketing operations in more than
150 countries around the world. Its products include olefins,
aromatics, fluids, synthetic rubber, polyethylene, polypropylene,
oriented polypropylene packaging films, plasticizers, synthetic
lubricant basestocks and additives for fuels and lubricants.

NOTE: Estimates, expectations, and business plans in this release
are forward-looking statements. Actual future results, including
project plans, could differ materially depending on the outcome of
commercial negotiations, changes in supply and demand for
petrochemical products, changes in law or government policy, and other
factors discussed under the caption "Factors Affecting Future Results"
in item 1 of ExxonMobil's most recent 10-K and available on our
website at www.exxonmobil.com.