May. 30, 2006

Toyo Engineering Corporation (TOYO) and Larsen & Toubro Limited (L&T) - India's leading engineering and construction organization-has jointly received a lump-sum contract for the design, procurement of equipment & materials, and construction of a naphtha cracker plant with a capacity of 800,000 tons per year for Indian Oil Corporation Limited (IOCL) at Panipat, State of Haryana in Northern India. The plant is scheduled to be completed in the third quarter of 2009. This world-scale naphtha cracker based on ABB Lummus Global technology will be the largest ethylene plant in India and the first plant in Northern India. This IOCL's first naphtha cracker processes naphtha from their various refineries at Panipat, Mathura and Gujarat to produce ethylene, propylene and benzene, from those which will be fed to downstream petrochemical plants to be constructed concurrently.

Toyo, the leader of the consortium, would undertake work, together with TOYO India, for overall project management and naphtha cracker section, while L&T would undertake work for the cracking heaters and associated units. The receipt of this order is Toyo's 38th ethylene complex project in the world and 36th project in India. TOYO and TOYO India are now undertaking an expansion project of the LNG receiving terminal for Petronet LNG limited and an NGL Extraction Plant for ONGC at Dahej, State of Gujarat. Through close cooperation with TOYO India, one of the top class engineering companies in India, we are endeavoring to expand our business further in the Indian market where future investment is expected to increase.

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