Petroplus Announces Second Quarter and Half Year 2007 Results

Petroplus Holdings AG (SWX: PPHN) today reported net income of
$48.3 million, or $0.72 per share, for the three months ended June 30,
2007. For the six months ended June 30, 2007, Petroplus reported net
income of $98.6 million, or $1.54 per share. The financial and
operational results for the three and six months ended June 30, 2007
are not comparable to the corresponding periods in 2006. Excluding
prior period hedging activity and gains on sales of discontinued
operations, 2006 would have resulted in net income of $14.7 million
for the three months ended June 30, 2006 and a net loss of $3.4
million for the six months ended June 30, 2006.

During 2007, the timing of refinery acquisitions and turnaround
maintenance activity in the second quarter limits the comparability of
the financial and operational results between the first and second
quarters of 2007. For the second quarter of 2007, refining and
marketing EBITDA (refining and marketing "earnings before interest,
taxes, depreciation and amortization") of approximately $158 million
reflects the operations for five refineries, Coryton for one month,
Ingolstadt, BRC, Cressier and Teesside. Both the BRC and Cressier
refineries were down for turnaround maintenance activity in the second
quarter of 2007. For the first quarter of 2007, refining and marketing
EBITDA of approximately $55 million reflects the operations for three
refineries, BRC for one month, Cressier and Teesside.

Regarding the second quarter results, Thomas D. O'Malley,
Petroplus' Chief Executive Officer, said, "The growth in refining and
marketing EBITDA in the second quarter of 2007 of about 185%, above
that of the first quarter 2007, reflects solid refining margins and
our successful execution of our growth strategy. In the second
quarter, we had the very successful and smooth transitions of both the
Ingolstadt and Coryton refinery acquisitions. Second quarter results
reflect three months of operations for the Ingolstadt refinery and one
month of operations for the Coryton refinery. However, our results for
the second quarter were limited by the scheduled plant-wide turnaround
maintenance at both the Cressier and BRC refineries. The turnarounds,
which have been completed, included maintenance activity on all the
major units at the refineries. The Cressier turnaround, which lasted
35 days, proceeded as planned and was completed on time. The
turnaround at BRC was the most significant maintenance effort that the
BRC refinery has undergone in its history. In order to complete
additional work necessary for continued safe operations at the
facility and to put in place further improvements to enhance the
safety, reliability and profitability of the site, the Company made
the decision to extend the program approximately 30 days past its
original completion date. The refinery was only fully operational for
10 days during the quarter. We restarted the facility in late-July and
all units are now running as expected. There are no other scheduled
major maintenance for our refineries for the remainder of 2007."

Looking ahead, Robert Lavinia, Petroplus' President, commented,
"The third quarter of 2007 will be the first quarter reflecting the
operations of all five of our refining assets. In one year's time, our
nameplate refining capacity has grown almost 240%, from about 185,000
barrels per day to 625,000 barrels per day. Today we have a well run,
geographically dispersed, and reasonably complex refining asset base."

Regarding the market heading into the third quarter, Mr. O'Malley
said, "Refining cracks have started out lower on average than the
second quarter of 2007. With the rise in crude oil prices, oil markets
shifted into backwardation, while product markets remained better
supplied. This resulted in refining cracks being squeezed. This
volatility of refining cracks in the short-term is not unusual.
However, despite the higher oil prices, oil products demand growth
continues to be very strong. In the long-term, the forecasted
world-wide new refining capacity coming on-line does not appear
sufficient to meet incremental demand forecasts over the next few
years. The strength of the current refining cycle, that really began
around 2004, should continue to be supported, well into the end of the
decade, by the tight fundamentals in the refining industry."

Commenting on the capital markets activity in the quarter, Karyn
F. Ovelmen, Petroplus' Chief Financial Officer said, "During the
second quarter of 2007 we issued $1.2 billion in corporate bonds and
an additional 7.6 million shares for total proceeds of about $1.8
billion to the company. The proceeds were used to pay down existing
indebtedness and fund the Coryton refinery acquisition." With regards
to the balance sheet, Ms. Ovelmen remarked, "We ended the quarter with
approximately $150 million in cash, $1.6 billion of debt outstanding
and $2.3 billion of shareholders equity. Our net debt-to-net
capitalization ratio at June 30 was approximately 39 percent. We
expect to further reduce the gearing ratio with the free cash flows
generated through the end of the year. The Company is in a strong
financial position, and will be able to fund both its capital program
and take advantage of any additional high-return growth opportunities
that the market may bring."

Throughput rates by refinery for the third quarter and 2007,
including intermediate feedstocks, should average approximately as
follows: Coryton at 200,000 to 210,000 bpd for the third quarter and
200,000 to 210,000 for the seven months; Ingolstadt at 95,000 to
100,000 bpd for the third quarter and 95,000 to 100,000 for the nine
months; BRC at 85,000 to 90,000 bpd for the third quarter and 70,000
to 80,000 bpd for the year (impacted by turnaround); Cressier at
55,000 to 60,000 bpd for the third quarter and 50,000 to 55,000 bpd
for the year (impacted by turnaround); and Teesside at 75,000 to
80,000 bpd for the third quarter and 80,000 to 85,000 bpd for the
year.

The company's conference call concerning the half year results
will be webcast live today, August 10, 2007, at 11:00 a.m. CET on the
investor relations section of the Petroplus Holdings AG website at
www.petroplusholdings.com.

Petroplus Holdings AG is the largest independent refiner and
wholesaler of petroleum products in Europe. Petroplus focuses on
refining and currently owns and operates five refineries across
Europe: the Coryton refinery on the Thames Estuary in the United
Kingdom, the Ingolstadt refinery in Ingolstadt, Germany, the Belgium
Refining Company refinery in Antwerp, Belgium, the Cressier refinery
in the canton of Neuchatel, Switzerland, and the Teesside refinery in
Teesside, United Kingdom. The refineries have a combined throughput
capacity of approximately 625,000 bpd. Petroplus has signed a letter
of intent to acquire the Petit Couronne and Reichstett Vendenheim
refineries, located in France, from Shell International Petroleum
Company Limited. The refineries have a total nameplate crude capacity
of 239,000 barrels per day.

This press release contains forward-looking statements, including
the company's current expectations with respect to future market
conditions, future operating results, the future performance of its
refinery operations, and other plans. Words such as "expects,"
"intends," "plans," "projects," "believes," "estimates," "may,"
"will," "should," "shall," and similar expressions typically identify
such forward-looking statements. Even though Petroplus believes the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurance that its expectations
will be attained.

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Petroplus Holdings AG and Subsidiaries
Earnings Release

For the Three For the Six
(in millions of USD, except for Months Ended Months Ended
per share amounts) June 30, June 30,
----------------- -----------------
2007 2006 2007 2006
-------- -------- -------- --------
INCOME STATEMENT DATA:

Revenue $2,742.5 $1,538.6 $4,457.6 $3,009.6
Materials cost 2,488.3 1,489.8 4,076.5 2,812.3
-------- -------- -------- --------

Gross Margin $ 254.2 $ 48.8 $ 381.1 $ 197.3
Personnel expenses 57.5 31.6 89.5 50.6
Operating expenses 67.2 23.9 103.1 48.1
Depreciation and amortization 36.4 11.0 55.5 23.2
Other administrative expenses 13.8 1.9 23.6 6.5
-------- -------- -------- --------

Operating Profit $ 79.3 $ (19.6) $ 109.4 $ 68.9
Financial (expense)/income, net (19.7) 10.2 (16.2) 2.3
Financial currency exchange
(losses) (1.7) - (0.1) (0.8)
Share of loss from associates 0.0 (0.1) 0.0 (0.2)
-------- -------- -------- --------

Profit/(loss) before income
taxes $ 57.9 $ (9.5) $ 93.1 $ 70.2
Income tax (expense)/benefit (5.6) 0.2 11.9 (17.8)
-------- -------- -------- --------

Net Income/(loss) from
continuing operations $ 52.3 $ (9.3) $ 105.0 $ 52.4
Discontinued operations, net of
tax (4.0) 6.0 (6.4) 95.7
-------- -------- -------- --------

Net income/(loss) $ 48.3 $ (3.3) $ 98.6 $ 148.1
======== ======== ======== ========

Net income attributable to
shareholders of parent $ 48.3 $ (3.5) $ 98.6 $ 147.9

Net income per common share:
Basic
Income from continuing
operations $ 0.78 $ (0.25) $ 1.64 $ 1.37
Discontinued operations (0.06) 0.16 (0.10) 2.51
-------- -------- -------- --------
Net income $ 0.72 $ (0.09) $ 1.54 $ 3.88

Weighted average shares
outstanding (in millions) 66.6 38.1 63.8 38.1
======== ======== ======== ========

Diluted:
Income from continuing
operations $ 0.76 $ (0.25) $ 1.59 $ 1.37
Discontinued operations (0.06) 0.16 (0.10) 2.51
-------- -------- -------- --------
Net income $ 0.70 $ (0.09) $ 1.49 $ 3.88

Weighted average shares
outstanding (in millions) 68.7 38.1 65.8 38.1
======== ======== ======== ========

----------------------------------

OTHER FINANCIAL DATA:
Hedging (loss)/gain(1) $ (10.6) $ (24.0) $ (2.1) $ 55.8

(1)Represents the gains and losses on refining margin hedges recorded
to materials cost
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Petroplus Holdings AG and Subsidiaries
Earnings Release

For the
Three For the Six
Months Months
Ended June Ended June
30, 30,
------------ -----------
(unaudited) 2007 2006 2007 2006
------ ----- ----- -----
Selected Volumetric and Per Barrel Data

Total Production (Mbbls per day) 312.0 165.5 278.3 171.5

Total crude throughput (Mbbls per day):
Coryton (3) 47.2 ** 23.7 **
Ingolstadt (3) 94.5 ** 47.5 **
BRC (3) 6.9 33.3 45.2 16.8
Cressier 32.6 62.5 45.1 63.6
Teesside 93.2 67.7 93.5 89.9
------ ----- ----- -----
Total crude throughput (Mbbls per day) 274.4 163.5 255.0 170.3
====== ===== ===== =====

Total other throughput (Mbbls per day):
Coryton (3) 20.6 ** 10.3 **
Ingolstadt (3) 2.8 ** 1.4 **
BRC (3) 6.5 - 6.2 -
Cressier 0.7 1.9 1.3 1.8
Teesside 0.2 - 0.1 -
------ ----- ----- -----
Total other throughput (Mbbls per day) 30.8 1.9 19.3 1.8
====== ===== ===== =====

Total throughput (millions of barrels) 27.8 15.1 49.6 31.2

Gross margin (USD per barrel of total
throughput):(1) (2)
Coryton (3) 10.00 ** 10.03 **
Ingolstadt (3) 8.10 ** 8.10 **
BRC (3) 24.11 3.99 7.95 3.98
Cressier 8.78 6.84 5.35 5.47
Teesside 6.21 1.35 5.06 2.15

Operating expenses (USD per barrel of total
throughput):(1)
Coryton (3) 3.60 ** 3.61 **
Ingolstadt (3) 2.54 ** 2.54 **
BRC (3) 14.35 1.62 3.67 1.61
Cressier 3.98 1.83 2.98 1.93
Teesside 1.21 1.77 1.25 1.35

Market Indicators (USD per barrel)(5)

Dated Brent 68.73 69.80 63.36 65.86
Benchmark Refining Margins (4)
5-2-2-1 (Coryton) (3) 9.26 ** 9.26 **
10-1-3-5-1 (Ingolstadt) (3) 12.63 ** 12.63 **
6-1-2-2-1 (BRC) (3) 3.34 3.20 2.45 3.20
7-2-4-1 (Cressier) 8.98 8.66 7.51 7.13
5-1-2-2 (Teesside) 4.14 2.64 3.86 2.87

----------------------------------------------

(1)The Company manages its refinery business, including feedstock
acquisition and product marketing, on an integrated basis;
however, for analytical purposes the business results shown here
have been allocated to the individual refineries. Since crude
oil is often purchased and priced well in advance of the time
that it is consumed and the value of refinery production can be
fixed before or after it is produced, our actual results may
significantly vary from those that would be determined with
reference to benchmark market indicators. We manage this price
risk on a total Company basis and may purchase futures contracts
that correspond volumetrically with all or a portion of our
fixed price purchase and sale commitments. As a result, the
individual refinery realized gross margins presented here do not
reflect the results that would be reported if separately
accounted for in accordance with IFRS. The Company believes that
this individual refinery information is helpful in understanding
our overall operating result.

(2)Excludes minimum operating stock and refining margin hedging
activities that are not expected to occur in the future.

(3)We acquired the BRC refinery on May 31, 2006. We acquired the
Ingolstadt refinery on March 31, 2007. We acquired the Coryton
refinery on May 31, 2007 and total throughput for the three
months ended June 30, 2007 reflects 30 days of operations over
that period. Total throughput averaged 205,000 bpd during the 30
days of operations for the second quarter. Benchmark indicators
reflect the applicable periods for each acquisition.

(4)Per barrel margin indicator for the conversion of crude oil into
finished products. For the Coryton refinery, the 5-2-2-1
represents five barrels of Dated Brent crude oil converted into
two barrels of gasoline, two barrels of heating oil and one
barrel of 3.5% fuel oil. For the Ingolstadt refinery, the 10-1-
3-5-1 represents 10 barrels of Dated Brent crude oil converted
into one barrel of naphtha, three barrels of gasoline, five
barrels of ULSD and one barrel of 3.5% fuel oil. For the BRC
refinery, the 6-1-2-2-1 represents six barrels of Dated Brent
crude oil converted into one barrel of premium 95 gasoline, two
barrels of heating oil, two barrels of VGO and one barrel of
3.5% fuel oil. For the Cressier refinery, the 7-2-4-1 represents
seven barrels of Dated Brent crude oil converted into two
barrels of premium 95 octane gasoline, four barrels of heating
oil and one barrel of 1% fuel oil. For the Teesside refinery,
the 5-1-2-2 represents five barrels of Dated Brent crude oil
converted into one barrel of nap.

(5)Source: Bloomberg

**Not relevant
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Petroplus Holdings AG and Subsidiaries
Earnings Release

June 30, December 31,
(in millions of USD) 2007 2006
----------- ------------
BALANCE SHEET DATA: (end of period)

Cash and short-term deposits $ 154.2 $ 91.6
Total assets $ 6,716.2 $ 3,014.8
Total interest-bearing loans and short-term
borrowings $ 1,631.1 $ -
Shareholder's equity $ 2,270.1 $ 1,555.1
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