1. INTRODUCTION

The Board of Directors of Chemoil Energy Limited (the "

subsidiaries, the "

Logistics Inc. ("

121,526,000 ordinary shares (the "

ordinary shares in the share capital of Chemoil Storage Limited ("

Oiltanking GmbH (the "

and purchase agreement (the "

Purchaser (the " Company" , together with itsGroup" ) wish to announce that its wholly-owned subsidiary, ChemoilChemoil Logistics" , the " Vendor" ), has today agreed to dispose of itsSale Shares" ) comprising 100% of all issued and paid-upChemoil Storage" ) toPurchaser" ), a company incorporated in Germany pursuant to a saleAgreement" ) entered into between the Vendor and theProposed Disposal" ), and the Company as the Vendor's guarantor.

2. PARTICULARS OF CHEMOIL STORAGE

2.1 Chemoil Storage was incorporated in the Marshall Islands on 4 June 2007 and has an issued

and paid-up share capital of US$121,526,000 divided into 121,526,000 ordinary shares.

Chemoil Logistics is the registered and beneficial owner of 100% of the Sale Shares.

2.2 As at the date of this Announcement ("

registered and beneficial owner of 100% of the ordinary shares in the share capital of Helios

Terminal Corporation Pte. Ltd. ("

laws of Singapore on 11 May 2004 and having an issued share capital of 34,000,000 shares

and paid up capital of US$34,000,000 comprised in 34,000,000 ordinary shares.

2.3 HTC's primary business is the provision of fuel storage services at its terminal facilities on

Jurong Island, Singapore, to the Company and to external customers.Announcement Date" ), Chemoil Storage is theHTC" ), a limited private company incorporated under the

3. MORE INFO. REFER TO SGX WEBSITE.....

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