10:02     TITAN PETROCHEM<01192> - Announcement & Resumption (2)              

    The obligations of the Company under the Notes will be guaranteed by      
    the Subsidiary Guarantors, and will be further secured by pledges by      
    the Company and certain Subsidiary Guarantors of the shares of certain    
    Subsidiary Guarantors.                                                    
                                                                              
    The Notes will (1) rank at least pari passu with all other unsecured,     
    unsubordinated indebtedness of the Company (subject to priority           
    rights under applicable law), (2) be effectively subordinated to all      
    obligations of the Company's non-guarantor subsidiaries and (3) be        
    effectively subordinated to secured obligations of the Company and        
    its subsidiaries, to the extent of the assets serving as security         
    therefor.                                                                 
                                                                              
    The events of default under the Notes include, among other things:        
    (a) default in the payment of principal; (b) default in the payment       
    of interest; (c) default in the performance or breach of certain          
    covenants under the Notes; (d) default by the Company or certain of       
    its subsidiaries in the repayment of indebtedness having an               
    outstanding principal amount of US$10 million or more other than the      
    Notes; (e) bankruptcy, insolvency proceedings against or consent to       
    the appointment of or taking possession by a receiver, liquidator,        
    assignee, custodian, trustee, sequestrator or similar official of the     
    Company or certain of its subsidiaries; and (f) any default by the        
    Company or certain of its subsidiaries in the performance of any of       
    their respective obligations under the Notes. If an event of default      
    occurs and is continuing, the trustee may, and shall upon the written     
    request of holders of at least 25% in aggregate principal amount of       
    outstanding Notes, foreclose on the security.                             
                                                                              
    Pursuant to the terms of the Notes, there are certain restrictions        
    on the Company with respect to (i) incurring or guaranteeing              
    additional indebtedness and issuing disqualified or preferred stock;      
    (ii) declaring dividends on its capital stock or purchasing or            
    redeeming capital stock; (iii) making investments or other specified      
    restricted payments; (iv) issuing or selling capital stock of certain     
    of its subsidiaries; (v) guaranteeing indebtedness; (vi) selling          
    assets; (vii) creating any lien; (viii) entering into sale and            
    leaseback transactions; (ix) entering into agreements that restrict       
    certain of its subsidiaries' ability to pay dividends, transfer           
    assets or make intercompany loans; (x) entering into transactions         
    with equity holders or affiliates; or (xi) effecting a consolidation      
    or merger.                                                                
                                                                              
    Redemption                                                                
                                                                              
    The Company may at its option redeem the Notes, in whole but not in       
    part, at a redemption price equal to 100% of the principal amount of      
    the Notes plus an applicable premium in accordance with the terms of      
    the Notes.                                                                
                                                                              
    At any time prior to 18th March 2008, the Company may redeem up to        
    35% of the principal amount of the Notes at a redemption price of         
    108.5% of their principal amount, plus accrued and unpaid interest,       
    if any, using proceeds from sales of certain kinds of the Company's       
    capital stock.                                                            
                                                                              
    In addition, the Notes may be repurchased in an event of a change of      
    control as provided for under the terms of the Notes or as a result       
    of certain changes in specified tax laws or other circumstances as        
    provided under the terms of the Notes.                                    
                                                                              
    Listing                                                                   
                                                                              
    The Company has received approval-in-principle from the SGX-ST for        
    the listing of the Notes on the Official List of the SGX-ST. Admission    
    of the Notes to the SGX-ST is not to be taken as an indication of the     
    merits of the Company or the Notes.                                       
                                                                              
    The Notes have been assigned a rating of ``B+'' by S&P and ``B1'' by      
    Moody's. A credit rating is not a recommendation to buy, sell or hold     
    securities and may be subject to revision, suspension or withdrawal       
    at any time by the relevant rating organization. The Company has a        
    corporate credit rating of ``BB-'' and ``outlook stable'' by S&P and      
    a ``Ba3'' corporate credit rating by Moody's.                             
                                                                              
    Use of proceeds and Reasons for the Issue                                 
                                                                              
    The Company intends to apply the proceeds as follows: (i) to partially    
    fund the purchase of additional vessels; (ii) to partially fund the       
    investments in oil storage facilities in China, including possible        
    future acquisitions; (iii) to repay some of the outstanding bank loans;   
    and (iv) for general corporate purposes, including working capital        
    and capital expenditures. Pending application of the net proceeds of      
    the Issue, the Company intends to invest the net proceeds in temporary    
    cash investments.