TOYO's China Subsidiary Acquires Construction LicenseApr. 1, 2005

Toyo Engineering Corporation (TOYO) has newly established the Toyo Engineering Corporation, China (abbr. TOYO-China; Capital of 30 million RMB, President: Mr. Juzan Cho), a fully-owned local subsidiary company in Shanghai, China. The new company has obtained a petrochemical/petroleum construction class 2 certificate as well as other related certificates in order to commence business as a locally-incorporated company under the Chinese regulation.

This enables TOYO to comprehensively conduct all ongoing business including engineering operations, procurement, and construction (EPC) in China under the new legal framework enforced in April 2004. The former subsidiary company remains as Toyo Engineering Corporation (China) Procurement in order to continue to offer procurement services of Chinese equipment and materials.

TOYO's engagement in plant exporting to China has encompassed over 110 projects spanning approximately thirty years since it exported the first plant following the resumption of diplomatic relations between China and Japan in 1972. The company has built up local business bases ahead of other companies including a representative office in Shanghai and subsidiary companies since it opened a China representative office in Beijing in 1980. Currently, areas the company is conducting business in include offering support services for a foreign companies that are expanding the operations in China and constructing the world's largest fuel-use dimethyl ether (DME) plant in Sichuan, and so forth. Through this new local subsidiary, TOYO will continue to actively carry out business in China in areas such as projects for foreign or Japanese companies planning to expand the operations in China, and EPC and technology-oriented projects for local companies.

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