Gulf Oil Corporation – Equity Shareholders & Unsecured Creditors to approve Scheme of Arrangement

Gulf Oil Corporation Ltd has announced that pursuant to the order made by the High Court of Judicature of Andhra Pradesh at Hyderabad, a meeting of the Equity Shareholders & Unsecured Creditors of the Company will be held on January 12, 2009, for the purpose of considering, and if thought fit, approving with or without modification(s), the arrangement embodied in the Scheme of Arrangement between the “Gulf Oil Corporation Ltd” (the “Applicant Company”) and “IDL Speciality Chemicals Ltd”, formerly known as “IDL Agro Chemicals Ltd”.