$600 million for the Egyptian LNG project in Idku

Cairo – May 10, 2004 – British Gas, Petronas and Gaz De France have finalized the agreement of financing the first train of the Egyptian LNG plant In Idku which has a total value of $950 Million

Notification for withdrawing the first installment of financing the project was issued on 29, April 2004. The first installment of the loan is $600 million.

The first train production (3.6 mtpy) is expected in the third quarter of 2005, all output from train one had been sold to Gaz de France under a 20 year agreement.

The Loan Facilities comprises $154 million from the Egyptian Banks in addition to $795 million international credit facilities consisting of $189 million from the European Investment Bank and $ 189 million from the Euro Mediterranean Investment Bank.

Many banks and international financing institutes are participating in financing the Egyptian LNG project such as the Arab Petroleum Investments Corporation (APICORP), ANZ Bank, HSBC, Royal Bank of Canada, Royal Bank of Scotland, MIBank, NSGB Bank and CIB Bank.