AKO Arko Hldgs

RNS Number:3469D
Arko Energy Holdings PLC
05 November 2002

FOR IMMEDIATE RELEASE                         5 November 2002



                   ANNOUNCEMENT TO THE LONDON STOCK EXCHANGE


               Arko Energy Holdings plc ("the Company" or "Arko")

                  Order for manufacture of eight bulk carriers




Arko announces that its wholly owned subsidiary, Arko Logistics Limited, has
signed a contract with Dongyang Foreign Economic & Trade Corp. Ltd. Zhejiang for
the manufacture of eight vessels through China Hangzhou Dong Feng Shipyard. The
vessels have been designed by the Institute of Transportation Design of the
Ministry of Communication, Shanghai. The total cost of the vessels is US$50.4
million.


The Board of the Company is also pleased to announce that a buyer's credit
insurance valid for five years for the manufacture of eight vessels has been
granted by China Export & Credit Insurance Corporation, which should enable
finance to be secured from the Chinese finance industry. The interest cost of
the finance is estimated not to exceed 6% p.a.


The eight vessels are designed with a capacity of between 10,000 dwt to 15,000
dwt and are categorized as bulk carriers suitable for carrying bulk commodities
such as stones, coal, iron ores and grains etc.


Commenting on the order, Clement Leung, Chief Executive said:


"In view of the prospect of increased logistics business, the incremental demand
for stone transport and to accommodate the development of our granite stone
quarry and coal mine projects, we believe that it is very important to
strengthen our own fleet of vessels".


Further announcements will be made as the project progresses.






Enquiries:


Angela Leung - Arko Energy Holdings plc

Tel: (852) 2219 9999 Email: angelal@arkoenergy.com


He Jianguo - Arko Energy Holdings plc

Tel: (86 20) 8209 9696 Email: hejg.kct@arkoenergy.com


Robert Lo - Nabarro Wells & Co. Limited

Tel: 020 7710 7407     Email: robertlo@nabarro-wells.co.uk


Nigel Atkinson- Nabarro Wells & Co. Limited

Tel: 020 7710 7408     Email: nigelatkinson@nabarro-wells.co.uk


Shane Dolan - Biddicks

Tel: 020 7448 1000     Email: shane.dolan@biddicks.co.uk



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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