Oiltanking Bolivia (CLHB S.A.)

PRESS RELEASE

Oiltanking disappointed about nationalization in Bolivia

Hamburg, May 15, 2008 - As a consequence of the nationalization decrees of the Bolivian Government dated May 1, 2008 and May 9, 2008, Oiltanking GmbH of Hamburg, Germany, and the Graña y Montero Group of Lima, Peru, as ultimate shareholders in Compañía Logística de Hidrocarburos Boliviana (CLHB) were forced to hand over control to the Bolivian state oil company YPFB on May 9, 2008.

Oiltanking and Graña y Montero are disappointed by this sudden and forceful move by the Bolivian Government. Since CLHB was acquired through privatization in 2000, both shareholders have undertaken great effort and expense to turn the 16 storage terminals and 1,477 km of product pipelines into a safe, efficient and reliable logistical service provider. International HSSE standards and best industry practices were introduced and the enthusiastic and tremendously dedicated employees of CLHB were trained with great success by international experts in Bolivia or at other international sites

Since privatization, the shareholders have ensured that CLHB has complied with the laws of Bolivia and the obligations imposed by the privatization act. The accounts of CLHB have been kept in accordance with Bolivian and international accounting standards and audited by reputable international firms.

Since the nationalization process of CLHB started in 2006 Oiltanking and Graña y Montero have engaged in open, accommodating and constructive negotiations with the Bolivian government with the goal of reaching an amicable and for all sides acceptable solution. The shareholders trust that the Bolivian government will enter into negotiations to determine a fair market value for the shares of CLHB.

Oiltanking is a subsidiary of Marquard & Bahls AG, Germany, a leading privately owned petroleum company. Oiltanking is the second-largest independent tank storage provider for petroleum products, chemicals and gases world-wide. Excluding the 16 Bolivian terminals, the company owns and operates 62 terminals in 20 countries within Europe, North and South America, Middle East, India as well as Asia. Oiltanking has an overall capacity of 13 million cubic meters.

For more information about Oiltanking or Marquard & Bahls AG, please visit www.oiltanking.com and www.mbholding.com

For media enquiries, please contact:
Jan Vogel
General Manager
Europe, North & South America
Oiltanking GmbH
Tel: +49 40 370 990
Email: info@oiltanking.com