RIVR Acquisition BV, the Holding Company of Petroplus, to Acquire European Petroleum Holdings

London - RIVR Acquisition B.V. (RIVR), the holding company of Petroplus International B.V. (Petroplus), today announced it has agreed to the acquisition of European Petroleum Holdings N.V. (EPH). The acquisition is conditional upon regulatory approvals and is expected to be completed in Q2 2006. Financial information was not disclosed.

EPH is an independent integrated oil refining/supply and trading company which includes the Belgian Refining Corporation (BRC), an oil refinery in Antwerp (Belgium), an international supply and trading company, Petrotrade B.V., based in Geneva (Switzerland), and the petroleum product wholesaler Petrobel N.V. which operates in Belgium.

The acquisition of EPH will mean that RIVR, through its subsidiaries Petroplus and EPH, will manage four refineries across Europe: one in Teesside (United Kingdom), two in Antwerp (Belgium, now also including BRC) and one in Cressier (Switzerland). This acquisition will significantly contribute to the growth of RIVR. RIVR is the holding company of Petroplus, an independent oil company in the European midstream oil market, and 4Gas, a developer and operator of LNG import facilities. This acquisition will result in an increase in refining capacity from 240 to 355 thousand barrels per day and provides the Group with the opportunity to process Russian crude oil (sour crude) as well. According to Marcel Q.H. Van Poecke, Member of the Management Board of RIVR: "This acquisition expands our base business and complements our business plan. Our similar structures and strategies make this an ideal acquisition for RIVR. Furthermore, we are committed to maintaining the highest health, safety and environmental standards."

RIVR plans to continue all the operations of EPH as they are currently run and strongly supports the business model and the plan presented by the management team of EPH, led by its CEO Christian Cleret, who says: "Together, as two entities in the RIVR group, Petroplus and EPH have the chance to grow as Europe’s strongest independent merchant refiner. I am looking forward to this very exciting development." RIVR plans to build on best practices and operational excellence across all four refineries.