Keppel divests from joint venture company

Singapore Petroleum Co. Ltd. subsidiary Singapore Petroleum Venture Pte. Ltd. and partners have sold their interests in Tiger Oil Corp. to STX Energy Co. Ltd.

Offshore staff

SINGAPORE-- Singapore Petroleum Co. Ltd. subsidiary Singapore Petroleum Venture Pte. Ltd. and partners have sold their interests in Tiger Oil Corp. to STX Energy Co. Ltd.

The total cash consideration for the collective 56.42% equity in TOC is approximately $42.8 million. The consideration for SPC's 40.16% equity interest in TOC is approximately $30.5 million.

The share sale is expected to be completed by mid-year.

SPC is a regional company with interest in oil and gas exploration and production, refining, terminals and distribution, marketing and trading of crude and refined petroleum products. It is an associated company of Keppel Corp. Ltd. subsidiary Keppel Oil & Gas Services Pte. Ltd.

SPC holds its 40.16% equity interest in TOC through its subsidiary SPV.

TOC's principal activities include retailing petroleum products through its service station network and marketing and distribution of petroleum products to industrial and commercial customers in South Korea.

3/12/2007

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