$70 million loan for EGPC & EGAS to finance Idku LNG

On 17 June 2003, EGPC & EGAS acquired $70 million loan arranged by "APICORP" the Arab Petroleum Investment Corporation, which is specialized in financing and supporting the hydrocarbon and energy sectors in the Arab world. Local and regional banks had contributed to this loan. The loan period is 7 years including a grace period of 4 years. The purpose of this loan is to finance part of EGPC & EGAS share in the first train of Idku LNG project.

The total investment of the first train of Idku LNG is $900 and the capacity of the train is 5 billion cubic feet per year. The whole production of the first train will be exported to France by mid of 2005.

Egyptian Petroleum sector share in the first train of the Liquefied natural gas project at Idku is 24%, BG 35.5%, Petronas 35.5% and 5% for Gaz De France.