30% Equity of Nansha Titan Petrochemical to Be Sold      

The 30% equity in Guangzhou Nansha Titan Development Co., Ltd. (Nansha Titan) is to be sold for RMB135 million. The equity to be sold is owned by Guangzhou Xiaohu Island Investment and Construction Co., Ltd.
   Nansha Titan, located in Xiaohu Island Petrochemical Industry Park, Huangge Town, Nansha District, Guangzhou, is involved in the storages of petrochemical products and related services. The company, with a registered capital of US$42.0 million, is a 70/30 joint venture between Titan Investment Co., Ltd. of Titan Petrochemical Group Limited (listed company in Hong Kong, HK: 01192) and Guangzhou Xiaohu Island Investment and Construction Co., Ltd.
   As of December 31st, 2007 the audited total assets of Nansha Titan were RMB415.81 million, without debt. The audited value of the acquisition is RMB124.743 million.
   On March 7th, 2008 Nansha Titan was approved as an appointed delivery warehouse of Shanghai Futures Exchange.
   Nansha storage base has been constructed in three phases with a total storage volume of 1.8 million m3. The first phase with a storage volume of 410 000 m3 has already started operation at the end of 2006. The second phase, with a storage of 180 000 m3 oil products and 125 300 m3 chemical products, will be put into operation at the end of 2008.
   Upon completion of all projects, the turnover of products is expected to reach 15.69 million m3, of which, around 5.3 million m3 for oil products, 6.74 million m3 for fuel oils and 3.65 million m3 for chemical products.
   Titan Petrochemical Group Limited is a comprehensive company integrating oil logistics, distribution and supply services, based in Hong Kong, doing business in Singapore, Malaysia and China. Its storage facilities in China Mainland are located in Nansha of Guangdong province; Quanzhou of Fujian province and Yangshan of Shanghai.
   Titan Petrochemical Group expects the total storage volume of oil products and chemical products in China Mainland to reach 1.2 million m3 at the end of 2008.