Dec. 14, 2004

Toyo Engineering Corp. ("TOYO") is executing an engineering contract for Oman Methanol Company L.L.C. (OMC) to construct a 3,000t/d methanol plant, the first methanol plant in Oman, at Sohar Industrial Port Area. OMC has been established in December 2003 as a special purpose company by Methanol Holdings (Trinidad) Limited ("MHTL"), Oman Methanol Holding Company and MAN Ferrostaal Aktiengesellschaft ("FS"). TOYO will provide basic and detailed engineering as well as other technical services for the erection, construction, pre-commissioning, commissioning and start-up of the project.

The plant will employ Johnson Matthey's Low Pressure Methanol Process incorporated with TOYO's proprietary MRF-Z® Reactor for methanol synthesis, and TOYO's steam reforming and syngas generation technology is employed to make syngas as feedstock to the Low Pressure Methanol Process. MRF-Z® Reactor is the only reactor in the world as of today designed, within the mechanical restrictions imposed by manufacturing, to be capable of producing 5,000 t/d methanol in a single reactor vessel. The 3,000t/d MRF-Z® Reactor would become the world largest methanol converter composed of a single vessel and raising steam as energy saving design.

MHTL are operating four (4) methanol plants in Point Lisas, Trinidad, all of which use Johnson Matthey's Low Pressure Methanol Process. MHTL is presently constructing a 5,400t/d methanol plant, if CO2 is added, which will increase the total production to approx 4.0 million ton per year. The first methanol plant of Trinidad and Tobago Methanol Co. Ltd. ("TTMC"), today part of MHTL, was constructed and commissioned by TOYO in 1984. This project is the first investment in methanol for MHTL in a country other than Trinidad and TOYO has been chosen as an alliance partner, i.e. the technology licensor and also the engineering contractor, for the investment.

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