PANOCO KOREA CO., LTD.

              HAS BEEN WORKING FOR PACIFIC NORTHERN MARINE FUELS INC. 
       (EX PACIFIC NORTHERN OIL) KOREA BRANCH FOR 16 YEARS.
     
               FROM THE 1ST OF JANUARY, 1996 WE ARE CHANGING TO PNMFI'S  
       KOREAN EXCLUSIVE AGENT FOR THE SALES OF BUNKER REQIUREMENTS 
       AT NORTH WEST AREA OF U.S.A AND THE OTHER AREA.

           WE, PANOCO KOREA IS TRADING ON IT'S OWN FINANCING  FACILITIES 
       AND OUR FULL STYLE IS AS BELOW.