[ Sttolthaven Asia Pacific Acquired 50% Shareholding in... ]

Sttolthaven Asia Pacific Acquired 50% Shareholding in Jeong-Il Tank T
erminal in Korea

Stolthaven Asia Pacific B.V. has acquired 50% shareholding in Jeong-
Il Tank Terminal(JTT) in Ulsan, Korea. As part of the agreement, JTT
will participate in the Stolt-Nielsen Transportation Group's(SNTG) wor
ldwide logistics network.
Jacob B. Stolt-Nielsen, Managing director of SNTG Stolthaven Termina
ls Division, commented "We are pleased to welcome JTT to the SNTG logi
stics network. With the past two years acquisitions and joint venture
partnerships, Stolthaven's Asian terminals include; Westport(Malaysia
), Kuantan(Malaysia), Merak(Indonesia), Shenzen(PRC), Shanghai(PRC), a
nd Ulsan(Korea). JTT is the largest chemical terminal in the Korean p
etrochemical port of Ulsan/Onsan with 309,600 cubic meters capacity.
Pending completion of planned expansions of the jetty and tank capacit
y of JTT, SNTG will use this terminal as its North Asia Pacific hub fo
r cargo consolidation and rationalization. We also expect the termina
l to be an efficient hub for onward chemical distribution to and from
Japan, China, and other Korean Ports."
The STNG integrated logistics network provides our customers with lo
wer costs through efficient and consolidated cargo transfer interfaces
between transportation and terminal modes.
Representative Director, company founder, and 50% partner, Mr. Seung
-Man Lee, commented " I am very pleased to be a joint venture partner
with Stolthaven Ulsan in the now renamed 'Jeong-Il Stolthaven Ulsan Co
. Ltd.', and to be part of the SNTG global logistics network.
I believe firmly that the combined strength and capability of Stolt-
Nielsen, as the world's leading bulk liquid transportation Group, and
the largest tank terminal company in Ulsan 'J.T.T.'(Jeong-Il Energy Co
. Ltd.) will bring improved growth and profitability.
Stolt-Nielsen Transportation Group, a subsidiary of Stolt-Nielsen S.
A., is one of the world's leading providers of transportation services
for bulk liquid chemicals, edible oils, acids, and other specialty li
quids. The Company, through its parcel tanker, tank container, termina
l, rail, and barge services, provides integrated transportation for it
s customers.