BGC II

pending

Basrah Gas Company (“BGC”) is an Iraqi midstream natural gas company created to gather, treat and process associated gas flared at oil fields in southern Iraq. BGC commenced operations in May 2013 and operates compressor stations, various gas processing plants, a pipeline network and a storage and marine terminal for export. It produces dry gas and liquefied petroleum gas (“LPG”) for sale into the Iraqi gas grid, and some LPG and condensate for export. The proposed investment entails the rehabilitation and upgrade of the storage terminal at Umm Qasr port (“Project”) and the refinancing of the outstanding loan committed by IFC in 2021, which financed the upgrade of the Basrah Natural Gas Liquids (“BNGL”) facility. Both the Project and BNGL form part of Phase II of BGC’s multi-phase expansion program, which is expected to increase raw gas processing capacity from 1 billion standard cubic feet per day (“bscfd”) to 1.4 bscfd and LPG processing capacity from 4,000 tonnes per day (“tpd”) to 11,000 tpd.