Details for the acquisition of 51.9% of N.T.J. Refinery by SYRIAH Group

NTJ Refinery Ltd announces that its subsidiary, SYRIAH Group holds 51.9% N.T.J. Refinery Ltd
based in Turkey.
The main activities of NTJ Group are:

Oil refining
Ship owning (Tankers FSO FSU FPSO product carriers)

This will be the Group's strategic expansion of the existing activities in the shipping sector, which have contributed significantly in the Group's profitability.

N.T.J Refinery will become a subsidiary of SYRIAH Group and is actively involved in the shipping activities of the Group.

For the year ended December 31, 2004, NTJ Refinery Ltd had a turnover of £26.4 million and net profits of £5.8 million.

As one of the crude oil tanker companies in the world, SYRIAH & N.T.J. Group is a multinational organization that conducts both onshore and at sea. Activities scope includes vessel operations, fleet personnel management, chartering, dry-docking and new construction programs for crude oil and product vessels. All of our marine operations are supported by onshore personnel who perform contracting, purchasing, accounting, information technology and planning functions.

Conversional motor tanker YUNUS (currently FSU), purchased by SYRIAH & N.T.J. Group delivered to Turkey.
M/T YUNUS specifications are
First delivered 1977
Conversion 1995
Length 240 meters
Width 45 meters
GRT 54300 / 105000 dwt

The FSO motor tanker YUNUS, will be the most advanced and largest FSU deployed by SYRIAH & NTJ Group with excellent prospects for local refinery.

About Author / Additional Info:
SYRIAH & N.T.J. Group technology division has delivered solutions for production vessels, storage vessels and tankers in a wide range of field developments. SYRIAH & NTJ Group ensures that customer needs are met through versatile solutions for offshore oil and gas projects. SYRIAH & N.T.J. Group has as a global network with offices in Europe, Asia Pacific, West Africa and the Americas.