SET Announcements

-TRANSLATION- 1000/ 108 /2549 April 24, 2006 Subject: Notification of the signing for Product Quality Improvement Project Attention: President of The Stock Exchange of Thailand Pursuant to the resolution of the Board of Directors meeting of The Bangchak Petroleum Public Company Limited (the "Company") No. 3/2549, held on March 16, 2006, the Board resolved to approve the additional information and contracts with regarding to the Product Quality Improvement Project (the "Project"), including the details of shares issuance and subscription. The details of which were as per disclosed by the Company in accordance with the applicable regulations. The Company would like to inform further that, on April 21, 2006, the Company had entered into the Subscription Agreement with PTT Public Company Limited ("PTT") to subscribe in BCP's common shares ("CSs") at the share price of Bath 14 per share and convertible debentures ("CDs") at the conversion price of Baht 14 per share, total amount equivalent to USD 120 million. The subscription of PTT will be in conjunction with the USD 50-55 million of new share offering by the Company to institutional financial investors which is expected to be completed in May 2006. Once PTT subscribed the CSs and CDs, PTT's ownership in the Company directly and indirectly (including shares held through Siam DR Company Limited) would increase from 7.6% to approximately 30% of the registered and paid up capital. In addition, the Company also signed the commercial agreements with PTT for crude supply and products offtake, effectives for 12 years after the completion of construction and the commencement of commercial operation of PQI Project (approximately by end of 2008). Furthermore, the Company signed the construction contract with CTCI (Thailand) Co., Ltd., which the project details were disclosed on Asset Acquisition of the Listed Company to SET on March 16, 2006. Moreover, the Company signed the credit facilities agreement and associated financial agreements for funding the project with financial institutions namely, Thai Military Bank Public Company Limited, Siam City Bank Public Company Limited and Government Savings Bank, and also signed the amendment agreement with Krung Thai Bank Public Company Limited. Please be informed accordingly. Yours sincerely, -signed- (Patiparn Sukorndhaman) Senior Executive Vice President Accounting and Finance Corporate Planning and Investor Relation Office Tel: 0-2335-4583