Chiyoda Singapore Awarded EPC Contract from Vopak for Large Tank Terminal in Singapore

Business Wire, Nov 26, 2007

YOKOHAMA, Japan -- Chiyoda Corporation (TOKYO:6366; ISIN:JP3528600004), Japan's leading engineering and construction firm, today announced that its subsidiary in Singapore, Chiyoda Singapore (Pte) Ltd., has won an Engineering, Procurement and Construction (EPC) contract for Phase 4 of a tank terminal project from Vopak Terminals Singapore (Pte) Ltd. ("Vopak"). Under the contract, Chiyoda Singapore will construct a tank terminal for storage, import and export of petroleum and petrochemical products at Vopak's Banyan terminal site on Jurong Island. The Phase 4 terminal will have a total storage capacity of 397,500m3, and is slated for completion in April 2009.

Chiyoda Singapore has been involved in every phase of construction of Vopak's Banyan terminal. Phase 1 (storage capacity of 370,000m3) was completed last year, and Phase 2 (165,000m3) and Phase 3 (320,000m3) are currently under construction. In addition, Chiyoda Singapore is constructing an additional 216,000 m3of capacity at Vopak's Sebarok terminal in Singapore. Positive evaluation of Chiyoda Singapore's price competitiveness, project execution capabilities and history of on-time delivery led to its subsequent acquisition of the Phase 4 contract.

Vopak is the Singapore subsidiary of Netherlands-based Royal Vopak, a global leader in the distribution and sale of petroleum products and chemicals. Royal Vopak operates terminals in eight countries in Asia, and Singapore is a key hub in the region. Chiyoda Singapore is building a long-term relationship of trust with Vopak through terminal construction.

Currently, demand for oil products and chemicals in China, India and other Asian countries has created a strong drive to invest in petroleum and chemical plants and tank terminals in Southeast Asia, primarily Singapore. Chiyoda Singapore will continue to develop business as the Chiyoda Group's base in the Asian market. In August this year, Chiyoda Singapore, together with Chiyoda Corporation, also won a contract from Shell Eastern Petroleum (Pte) Ltd., a member of the Royal Dutch Shell group, for a long residue catalytic cracker unit revamp project at the Pulau Bukom Refinery in Singapore.

Chiyoda Singapore, a wholly owned subsidiary of Chiyoda Corporation, provides feasibility studies, comprehensive engineering, procurement and construction management, and consulting services. Chiyoda Corporation, headquartered in Yokohama, Japan, provides services in the field of engineering, procurement and construction for gas processing, refineries and other hydrocarbon and industrial plant projects, particularly in refinery areas, on a global basis including the Middle East and Southeast Asian regions.