Agreement With Vitol

20 Nov 2007 07:01

Fortune Oil PLC20 November 2007 20th November 2007 FORTUNE OIL PLC ("Fortune Oil") West Zhuhai Products Terminal Agreement with Vitol Fortune Oil is pleased to announce that Vitol has contracted with the WestZhuhai Products Terminal for storage and throughput of bonded oil products.Vitol is a leading global trader of oil products and has an 8.6 per centshareholding in Fortune Oil PLC. The West Zhuhai Products Terminal is owned byZhuhai S.E.Z. South China Petroleum Co. Ltd, in which Fortune Oil has a 37 percent interest following the acquisition of Vitol's 18.5 per cent interest in2006. The contract with Vitol is for an initial period of 6 months and will utilisespare storage capacity at West Zhuhai. The contract should add £0.5 million ofrevenue and operating profit to the terminal for the next 6 months. Vitol isnow the second largest user of the terminal after PetroChina. This contracthighlights the value of the West Zhuhai facility as an independent productsterminal in a region of rapid growth. Enquiries: Fortune Oil PLC John Pexton - Deputy Chief Executive Tel: 00 852 2583 3113 (Hong Kong) Pelham Public Relations Archie Berens Tel: 020 7743 6679 or 07802 442 486 This information is provided by RNS The company news service from the London Stock Exchange