Media Releases

Sembawang Land Pte Ltd, a subsidiary of SembCorp Industries, has sold one of the remaining two apartment units of its residential development at Paterson Road called The Paterson Edge to one of its Group’s employee.

Further to the announcement made on December 19, 2001, we wish to provide the following additional information:

SembCorp Gas (SembGas), the pioneer commercial natural gas importer and retailer in Singapore, in a pilot project jointly undertaken with the Ministry of the Environment (ENV) and SBS Transit Ltd (formerly known as Singapore Bus Services Ltd) (SBS), will be introducing Compressed Natural Gas (CNG) as vehicle fuel in Singapore from March 2002.

SembCorp Industries wishes to announce that following the news release of November 16, 2001 on the disposal of its interest in Sembawang-Nippon Glass Pte Ltd, the sale and purchase transaction has been completed today.

SembCorp Industries and Keppel Corporation wish to announce that discussions between the two groups as disclosed on October 24, 2001 have ceased, as both managements could not reach mutually acceptable terms.

SembCorp Industries wishes to announce that its wholly-owned subsidiary, Sembawang Industrial Pte Ltd, has today signed a Sale and Purchase Agreement to sell its entire 28 per cent equity interest comprising 2,800,000 ordinary shares of par value $1.00 each in Indo-Sembawang-Nippon Glass Pte Ltd (“ISN”) and transfer a shareholder’s loan of US$8,654,184 (approximately S$14.35million) for a total cash consideration of US$4,527,900 (approximately S$8 million) to Feature Technology Limited.

SembCorp Cogen (SembCogen), a joint venture between SembUtilities (70 per cent) and Tractebel (30 per cent), held the official opening of its 815-megawatt combined cycle cogeneration plant on Jurong Island this morning.

SembCorp Utilities (SembUtilities), a wholly-owned subsidiary of SembCorp Industries, has formed a joint venture with Qianan Xin Di Thermal Power Company to own and operate a cogeneration plant in Qianan City, Hebei Province, in The Peoples’ Republic of China. .

SembCorp Waste Management (SembWaste), a wholly-owned subsidiary of SembCorp Industries, has formed a joint venture with Australia-based Visy Recycling to build Asia’s first fully automated Materials Recovery Facility (MRF) in Singapore, and to jointly pursue opportunities elsewhere in the region.

SembCorp Industries Ltd wishes to announce that the building in which our Share Registrar, M & C Services Private Limited, is located has been renamed as The Corporate Office.

The managements of SembCorp Industries and Keppel Corporation are holding discussions on the rationalization of the local shipyard industry and the possibility of other collaborations between the two groups.

SMOE, the Oil and Gas division of SembCorp Utilities (SembUtilities), in partnership with Saipem Asia, has been awarded a S$280 million turnkey contract by Devon Energy China for the Panyu Joint Development in the South China Sea. The project is scheduled for completion in the third quarter of 2003.

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