ExxonMobil: Recovery Requires Policies to Support Energy Development

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ExxonMobil CEO Addresses APEC CEO Summit in Singapore

November 13, 2009 -- SINGAPORE -- Affordable and reliable energy supplies necessary to rebuild the global economy require polices that encourage investment, expand international trade and promote technological innovation, Rex W. Tillerson, chairman and chief executive officer of Exxon Mobil Corporation2 (NYSE:XOM), said today.

Speaking at the Asia-Pacific Economic Cooperation (APEC) CEO’s Summit3, Tillerson said energy is critical to economic development, and despite the current downturn, demand is expected to grow4 in the years ahead, especially in the Asia-Pacific region.

“The dynamic growth in the Asia-Pacific region in recent decades reminds us that innovation and economic development depend on the free flow of goods, services, capital and expertise across borders,” said Tillerson.

ExxonMobil is supporting Asia-Pacific growth through a range of major investments in the region. These include new and expanded refining and chemical manufacturing capacity in China5 and Singapore and the construction of a battery separator film plant in Korea. The company is also working on the development of multi-billion-dollar LNG projects in Australia6 and Papua New Guinea7 to deliver new supplies of cleaner-burning natural gas to help meet growing regional energy needs.

“ExxonMobil is committed to disciplined and long-term investments in technologies that hold the promise of meeting the energy challenge – here in the Asia-Pacific region and beyond,” he said.

Tillerson said the energy challenge8 – ensuring the availability of affordable supplies of energy while protecting the environment – means understanding the size and scope of the energy industry, the role of technology and innovation and the need for policies that will encourage trillions of dollars in new investment.

“That is why business and government must work to build energy policies that maximize the use of markets, encourage free trade, protect contracts and the rule of law, and provide a sound and stable investment environment,” he said.

“The energy policies we establish today will affect economic growth today – and for decades to come. With the right principles guiding energy policy, the progress we have seen in Asia-Pacific can continue, and this in turn will help drive global economic recovery.”

Source: Exxon Mobil Corporation