GULF OF SUEZ GAS

closed

The proposed loan would finance part of the foreign exchange costs of a project for gathering, processing and transporting associated gas from oil fields in the Gulf of Suez which is presently being flared. The stripped gas would be principally as fuel for electric power generation and cement manufacture where it would replace fuel oil and high value diesel oil and as a feed stock for a fertilizer plant where it would replace naphtha. Specifically the project would consist of: (i) three gas gathering stations for associated gas, (ii) a liquified petroleum gas (LPG) and condensate recovery plant, (iii) compression facilities and pipelines and related services, (iv) sector studies, training and technical assistance; and (v) engineering and consulting services for a Cairo gas distribution project.