PTT Chemical International Private Limited Acquires 50% Stake in Cognis

       Oleochemicals held by Cognis BV; Sime Darby Retains 50% Stake

       Strategic Partnership to Build the World Leader in Value-Added

                               Oleochemicals



    KUALA LUMPUR, Malaysia and BANGKOK, Thailand, July 22 /EMWNews/ --

PTT Chemical Public Company Limited (PTT Chemical), a leading producer and

distributor of chemical products, through its wholly owned subsidiary PTT

Chemical International Private Limited (PTT Chemical International), today

will sign a joint venture agreement with Sime Darby Plantation Sdn. Bhd.

(Sime Darby), the world's largest producer of palm oil, creating a

strategic partnership for the joint ownership and control of Cognis

Oleochemicals (COM), the world's largest producer of natural-based

oleochemical products. Cognis Oleochemicals produces a wide range of

oleochemical products derived from natural renewable raw materials such as

palm oil, palm kernel oil, other vegetable oils, and tallow that are used

in a vast range of applications, including soaps and detergents, cosmetics,

pharmaceutical products, textiles, preserving agents, plastic additives,

and oilfield drilling chemicals.



    Prior to signing the joint venture agreement today, PTT Chemical

International also signed a share purchase agreement with Cognis BV, a

wholly owned subsidiary of Cognis GmbH, to acquire Cognis BV's 50% stake in

Cognis Oleochemicals for the transaction cost of ~euro 104 million in cash.

Sime Darby retains its 50% share stake in Cognis Oleochemicals, which will

continue to operate under the Cognis Oleochemicals name for an interim

period until the new name is established.



    The joint venture agreement will take effect upon completion of the

share purchase transaction, which is expected to close in late September.

The share purchase agreement, which is subject to standard closing

conditions, has been approved by PTT Chemical International's Board.

Standard Chartered Bank acted as financial advisor to PTT Chemical

International for the share purchase.



    Under the terms of the joint venture agreement, PTT Chemical and Sime

Darby will share control of Cognis Oleochemicals once the joint venture

agreement takes effect. Each partner will be represented by an equal number

of Directors on Cognis Oleochemicals' Board and the existing Cognis

Oleochemicals management team will remain in place.



    "PTT Chemical is delighted to join with Sime Darby in a strategic

partnership that builds a solid platform and provides unprecedented

opportunities for Cognis Oleochemicals' long-term growth and stability,"

said Mr. Aditheb Bisalbutr, PTT Chemical President and CEO. "We share a

vision of Cognis Oleochemicals becoming the global leader in value-added

and diversified oleochemicals through a long-term commitment to invest in

growth and a renewed focus on customer needs, market driven R&D, and

innovation. PTT Chemical's investment in Cognis Oleochemicals represents

our strategy to pursue international growth opportunities that leverage our

strengths and track record of successful innovation."



    "This partnership between Sime Darby and PTT Chemical is unique in the

industry in that it combines unmatched expertise and synergy in

plantations, oleochemicals, and petrochemicals that will allow Cognis

Oleochemicals to leverage opportunities for upstream and downstream

integration and provide a comprehensive range of application-driven

business solutions for Cognis Oleochemicals' customers", said Mr. Dato'

Azhar, Sime Darby Managing Director.



    "The backing of strong joint venture partners with solid financial

positions will ensure that Cognis Oleochemicals is able to seize market

opportunities, ensure long term relationships with its customers, and build

on its position as the world's largest and truly global oleochemical

company with secure sources of raw materials and a diversified customer

base," said Mr. Raymond Yap, Cognis Oleochemical CEO. "Customers of Cognis

Oleochemicals will continue to see the same high commitment to customer

service and, over time, will benefit from the enhanced product offerings

made possible by the upstream and downstream synergies provided by our

joint venture shareholders."

    About Cognis Oleochemicals



    Cognis Oleochemicals is the world's largest producer of natural-based

oleochemicals. The company's products, which include fatty acids, fatty

alcohols, glycerin, triacetin, ozone acids, plastic additives, and oilfield

chemicals used in a broad range of home care, personal care, and industrial

applications, are made from natural oils and fats such as palm kernel oil

and tallow. Headquartered in Kuala Lumpur, Malaysia, Cognis Oleochemicals

has production facilities in Germany, USA, Canada, and Malaysia and sales

and service centres in the UK, Brazil, Japan, China and Hong Kong.



    About PTT Chemical International Private Limited



    PTT Chemical International Private Limited is a wholly owned subsidiary

of PTT Chemical Public Company Limited (PTT Chemical). PTT Chemical is a

fully integrated producer and distributor of chemical products, is the

third largest olefins producer in Asia and the number one chemical producer

in Thailand. The company's key businesses include olefins and other base

chemicals, polymers, performance products, oleochemicals, and other

industrial-related services. PTT Chemical's vision is to be a global leader

and innovative chemical company. This transaction represents a strategic

step towards achieving its ambition to realize international growth. PTT

Chemical is listed on the Stock Exchange of Thailand (SET ticker symbol:

PTTCH).



    About Sime Darby Plantation Sdn Bhd



    Sime Darby Plantation Sdn Bhd, a wholly owned subsidiary of Sime Darby

Berhad, is involved in the management of 524,626 hectares of planted oil

palm in Malaysia and Indonesia. It is the world's largest listed

plantations company and the world's number one palm oil originator,

accounting for about six percent of global palm oil production, totaling

2.2 million tonnes of Crude Palm Oil (CPO) a year. The operations involve

the management of 208 estates and 65 mills. Sime Darby Plantation is also

involved in downstream business activities, including edible oil refining,

production of oils and fats products, oleochemicals and biodiesel.



    Alongside oil palm, it is also involved in agri-business activities and

cultivation of rubber. Backed by Sime Darby Berhad, one of Bursa Malaysia's

top 10 companies with business interests spanning across 22 countries

worldwide, Sime Darby Plantation Sdn Bhd is well on track to grow a

business that is sustainable for generations to come. Other core businesses

of the Sime Darby Group include property, industrial, motor, energy and

utilities.



    Sime Darby is listed on the Kuala Lumpur Stock Exchange (KLSE ticker

symbol: SIME).



    About Cognis



    Cognis is a worldwide supplier of innovative specialty chemicals and

nutritional ingredients, with a particular focus on the areas of wellness

and sustainability. The company employs about 7,600 people, and it operates

production sites and service centers in 30 countries. Cognis has dedicated

its activities to a high level of sustainability and delivers natural

source raw materials and ingredients for food, nutrition and healthcare

markets, and the cosmetics, detergents and cleaners industries. Another

main focus is on



    products for a number of other industries, such as coatings and inks,

lubricants, as well as agriculture and mining.



    Cognis is owned by private equity funds advised by Permira, GS Capital

Partners, and SV Life Sciences. In 2007, Cognis recorded sales of about

euro 3.52 billion and an Adjusted EBITDA (operating result) of euro 410

million.