This new pooling venture will become operational early in the 3rd quarter of 2005 and will serve as a platform for the two companies to commercially operate their respective Suezmax vessels. The new pool will be operated from Stena Bulk’s office in Houston, Texas and will allow the Sonangol shipping companies to meet two new major objectives – a more active role in the supervision of the technical, commercial and post fixture management of their shipping assets and the expanded development of Sonangol’s internal shipping expertise.

Mr. Baptista Sumbe, a director of the Sonangol shipping companies, has stated that “The location of the joint venture in Houston will insure that Sonangol shipping management and training objectives can be met and that Sonangol shipping staff will have easy access to the joint venture management. Educational and training opportunities in all aspects of vessel management will form a cornerstone of this joint venture.” Mr. Ulf Ryder, President and CEO of Stena Bulk, commenting on the new pooling agreement, said "We at Stena Bulk are very proud over this trust and are fully committed to bringing Messrs Sonangol ambitions to fruition in every respect. I'm convinced that our track record in servicing the oil industry will add to the success of this partnership."

The Sonangol shipping companies are all wholly-owned subsidiaries to the Angolan State Oil Company, Sonangol EP, currently producing more than 1.1 million barrels of Crude Oil per day.
Stena Bulk AB is a part of the Stena Sphere group of Sweden and is a major player in the tanker market currently controlling a fleet of 69 vessels and has offices in Gothenburg, London, Houston, Singapore, Moscow and Beijing.

Wallem Shipmanagement will continue to provide technical management services to the Sonangol Suezmax fleet.


For further information, please contact:
- Mr. Klas Eskilsson, tel +1 713-874-5961

Sonangol, www.sonangol.co.ao
- Mr. Mark Heater, tel +1 281-920-7623

Issued by:
MTI Network – Pat Adamson, tel +44 78 36 766 947