PowerSeraya’s JV with Oiltanking Singapore – Oiltanking Seraya Pte Ltd Comes To A Close By December 2006

28 November 2006 – PowerSeraya Ltd announces today that its joint venture with Oiltanking Singapore Pte Ltd is coming to an end. The venture will be wound up after a successful 10-year partnership, by the end of 2006, as allowed for in the joint venture agreement.

The joint venture involved leasing three fuel oil tanks and the use of PowerSeraya’s terminal facilities.

PowerSeraya is reviewing its future options for these tanks.

“We will determine which is the best set of options that fits with our strategic direction and delivers the best commercial returns,” said Mr Neil McGregor, Managing Director of PowerSeraya Ltd.