Singapore Petroleum Company Limited (“SPC” or “the Company”) today announced that the Company has through its wholly-owned subsidiary, SPC E&P Upstream Pte Ltd (“SPC E&P Upstream”), entered into a Petroleum Production Sharing Contract (“PSC”) with Badan Pelaksana Kegiatan Usaha Hulu Minyak Dan Gas Bumi (“BPMIGAS”), an Indonesian state-owned legal entity, to explore the Mahakam Hilir Block (“Block”), subject to final government approvals.

SPC will be the Operator of the Block and is committed to conduct seismic survey and exploration drilling under the PSC. The Block, covering approximately 344.14 square kilometres, is located onshore Kutai Basin in the East Kalimantan Province, which is situated approximately one kilometre south of Samarinda town. The Kutai Basin is one of the largest and most important oil and gas producing basins in Indonesia.

Commenting on the announcement, SPC Chief Executive Officer, Mr Koh Ban Heng said, “Our investment is in line with SPC’s plan to grow its exploration and production business, and participate in the entire oil and gas value chain. We are pleased to expand our E&P presence in Indonesia with the operatorship of SPC’s first onshore block. “This integration of SPC’s businesses will diversify SPC’s earnings in the long-term and in many ways, validates our E&P growth.”

Stolt-Nielsen plans to build a 325,000 cubic meters chemical storage terminal on 15 hectares of vacant land on Jurong Island, Singapore. The terminal, Stolthaven Singapore, will be potentially the last chemical tankfarm to be built on Jurong Island given the limited land available on the island. The company intends to build a fully integrated chemical storage terminal with 3 jetties, a drive through tank container cleaning facility, waste water treatment plant, dangerous goods storage site and gas storage facilities. The project will be carried out over 2 phases with expected completion of Phase 1 in 2010.

Stolthaven Singapore will act as a regional hub to improve the efficiency of parcel tankers at the point of transfer of cargo from shore to land and ship to ship. Stolt-Nielsen already has a significant presence in the Asia Pacific region with commercial and ship management offices, tank container depots, bulk-liquid storage terminals and deep sea/ regional shipping networks.

This latest terminal project in Singapore is part of Stolthaven's strategy to develop terminals in emerging markets to facilitate the growth of sea borne chemical transport in the Asia Pacific region. In addition to Stolthaven Singapore, Stolt-Nielsen owns interests in terminals located in Ulsan, Korea (526,000 cubic meters) and Westport, Malaysia (107,800 cubic meters). The company also owns interest in 2 new terminal projects under construction in China, with Stolthaven Lingang (Tianjin; Phase 1: 220,000 cubic metres) commencing operations in late 2008 and Stolthaven Ningbo (Daxie Island; Phase 1: 200,000 cubic meters) expected to be operational in 2009