Titan sells two VLCCs for US$59 million

A further step in rationalizing asset base and group business

(Hong Kong, 16 April 2008) Titan Petrochemicals Group Limited (“Titan”) (HKSE: 1192), a leading integrated oil logistics provider in Asia, announced today that it has agreed to sell two of its Very Large Crude Carriers (Titan Leo and Titan Venus) to Avin International SA for a total consideration of US$59 million (approximately HK$460 million).

“The sales will generate more cash for the Group,” said Mr. Tsoi Tin Chun, Chairman and Chief Executive of Titan. “The disposals are another step in optimizing our asset base and group business, and further reducing our dependency on the volatile Very Large Crude Carrier (VLCC) market, in pursuit of our objective of building a stable earnings base.“

After completion of the transaction, the Group will operate nine VLCCs, two of them deployed as Floating Storage Units (FSUs), versus 11 VLCCs including three FSUs previously. The total fleet capacity including VLCCs, FSUs and product tankers will be approximately 2.65 million deadweight tons.

“Following the disposals, Titan will be able to maintain its presence in the global oil transportation market through chartering in VLCCs as needed. The disposals also keep on track our program to gradually replace our single-hulled vessels with double-hulled tankers,” added Mr. Tsoi.

About Titan Petrochemicals Group Limited

Titan is a fully integrated downstream oil logistics company, providing end-to-end sourcing, transportation, storage and wholesale distribution on a single platform. Through this, we help oil companies and oil users such as power utilities make their supply chain more efficient and their business more competitive.

In addition, the Group operates a rapidly expanding multi-functional shipyard in Quanzhou, a strategic location in China off the Taiwan Strait. Built to be one of the most advanced facilities of its kind, the yard's ship building unit began operations in 2006 and has a strong order book of high performance vessels. This will soon be complemented by major ship repair and offshore engineering operations capable of handling latest generation container ships and oil rigs.

With revenues of US$1.48 billion in 2006, Titan operates in China, Hong Kong, Singapore and Malaysia. (www.petrotitan.com)

Titan Petrochemicals Group Ltd