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PRESS RELEASE

For Immediate Release: 07 Jun 2000



MARUBENI INTERNATIONAL PETROLEUM (SINGAPORE) PTE LTD, ANNOUNCES EQUITY PARTNERSHIP WITH OCEANCONNECT.COM


Addition of trading company adds further diversity

WHITE PLAINS, NY, June 7 - Marubeni International Petroleum (Singapore) Pte Ltd ("MIPCO") a wholly owned subsidiary of Marubeni Corporation, the global Japanese trading company, announced today that it has entered into a letter of intent to become an equity partner in OceanConnect.com, the e-commerce marketplace for the sale and purchase of bunker fuels and other marine products. 

The Maurbeni group has been an active player in world marine fuel and bunker trade. It is one of the world's leading traders in the petroleum and related products industries. In 1989, MIPCO was incorporated to spearhead and develop Marubeni's energy trade in Asia. Since then, MIPCO has gained prestige as one of Asia's leading energy trader. It has also been granted the Approved Oil Trader status by the Singapore Trade Development Board. "As part of its internet strategy, MIPCO considers that the business model and technology developed by OceanConnect.com is a synergetic vehicle." said Fumiya Kokubu, MD of MIPCO. "We were impressed with the experience, reliability and diversity of the joint venture partners and by OceanConnect.com's plan to become an internet-based, global community of maritime interests." "The addition of MIPCO and through it, the extensive global network of Marubeni Corporation which spans nations and industries will underscore OceanConnect.com's position as a free, diverse and independent e-commerce marketplace open to all," said Tom Reilly, CEO of OceanConnect.com. "MIPCO's prestige and extensive expertise in swaps and credits in the energy market which will be invaluable to OceanConnect.com as we further develop our product offerings." 

MIPCO is the sixth equity partner that intends to join original joint venture partners BP Marine, FAMM (a joint venture of Texaco and Chevron), and Shell Marine Products. Other joint venture partners will include Eletson Corporation, Keystone Shipping Company, Clarksons, Stena Bulk AB and Nippon Mitsubishi. Industry information provider Petroleum Argus recently joined as a strategic partner. 

The addition of MIPCO compliments OceanConnect.com's diversity. "We have leading shipping companies, we have leading suppliers, we have a leading broker, and now we have a leading energy trading company," said Mr. Reilly. "Such a diverse partnership ensures fair and open transactions." 

Scheduled to launch this summer, OceanConnect.com will enable buyers, sellers, brokers and traders to negotiate marine fuels transactions over the Internet using the company's proprietary transactional tools. OceanConnect.com also supplies up-to-the minute market intelligence as well as marine and energy industry content from authoritative sources such as Petroleum Argus. 

OceanConnect.com's transactional tools also allow a great deal of flexibility for both buyers and sellers. The site's tools can facilitate everything from simple deals to reverse auctions, blind bids, swaps, futures and derivatives. 

OceanConnect.com is the global Internet marketspace for the marine industry offering marine fuels, products and services. Operating as an open, transparent and independent e-commerce marketplace, it is open to all buyers and sellers. Other investors include BP Marine (a wholly owned division of BP Amoco Plc.); Fuel and Marine Marketing LCC(a joint venture between Texaco and Chevron in the marine fuels and lubricants business); and Shell Marine Products (a wholly owned subsidiary of the Royal Dutch/Shell Group of Companies). Except for historical information the matters discussed in this news release contain forward-looking statements. 


  CONTACT

Kathleen Neville,
OceanConnect.com

Ansi Vallens,
Shandwick International

Telephone

1 877-778-0065

1 646-658-8109

E-mail

kneville@OceanConnect.com

avallens@Shandwick.com

Web

www.OceanConnect.com

www.shandwick.com

Address

OceanConnect.com - Americas
2000 Westchester Avenue
White Plains, NY 10650
USA


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