EXHIBIT 99.1

                           STATIA TERMINALS GROUP N.V.
                                  P.O. Box 170
                       St. Eustatius, Netherlands Antilles
                           Telephone: 011-599-31-82300
                              Fax: 011-599-31-82259

FOR IMMEDIATE RELEASE                               Contact:
- ---------------------
7:00 p.m. EST - 2/28/02                             Mr. Thomas M. Thompson, Jr.
NASDAQ ticker symbol:  STNV                         Telephone:  (954) 698-0705


              STATIA TERMINALS GROUP COMPLETES SALE OF SUBSIDIARIES
                        AND COMMENCES LIQUIDATION PROCESS

         ST. EUSTATIUS, NETHERLANDS ANTILLES, February 28, 2002 - Statia
Terminals Group N.V. ("Statia" or the "Company") (formerly NASDAQ: STNV)
announced today that it has completed the sale of substantially all of its
assets consisting of the stock of its three subsidiaries (Statia Terminals
International N.V., Statia Technology, Inc., and Statia Marine, Inc.) to an
entity affiliated with Kaneb Pipe Line Partners, L.P. (NYSE: KPP). The purchase
price paid by Kaneb at closing was approximately $311.4 million and included
approximately $19.9 million of cash on hand and approximately $106.7 million of
Statia's former subsidiaries' debt. The purchase price is subject to adjustment.
In accordance with an amendment to Statia's Articles of Incorporation adopted on
February 22, 2002 by the Company's shareholders, Statia has begun the process of
distributing the proceeds from the sale transaction to its shareholders of
record at the end of the trading day on February 28, 2002. Holders of Statia's
class A common shares and class B subordinated shares will receive distributions
of $18.4998 per share and $16.8844 per share, respectively. Statia estimates
that its class C shareholder will receive a distribution, in the aggregate, of
approximately $10.0 million, consisting of approximately $7.0 million following
the completion of the sale and approximately $3.0 million following Statia's
liquidation assuming no significant purchase price adjustment.

         Statia's class A common shares have been delisted from the Nasdaq
National Market and Statia's transfer agent ceased recording transfers of the
shares at the end of trading on February 28, 2002. Statia will begin the process
of liquidation in the Netherlands Antilles, which is anticipated to be completed
by December 31, 2002. Shareholders of record at the end of trading on February
28, 2002, will remain shareholders until the liquidation is complete. After
satisfaction of Statia's creditors, any cash





remaining at the end of the liquidation period will be paid to the holder of
Statia's class C shares. No further distributions will be made in respect of its
class A common shares and class B subordinated shares.

         This announcement contains certain statements that are neither reported
financial results nor other historical information. These statements are
forward-looking statements within the meaning of the safe-harbor provisions of
the US federal securities laws. These forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements. Many of these risks and
uncertainties relate to factors that are beyond the Company's ability to control
or estimate precisely, including the actions of governmental regulators. These
and other risk factors are detailed in the Company's SEC reports. Readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company does not undertake
any obligation to publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date of this press
release.

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