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DOLPHIN AND EMARAT SIGN MOU TO WORK ON FUTURE GAS JOINT VENTURES IN NORTHERN EMIRATES

Source: www.gulfoilandgas.com 9/30/2003, Location: Middle East

Dolphin Energy's New Al Ain - Fujairah Pipeline will be Operated and Maintained by Emarat

Abu Dhabi, September 30, 2003 - Dolphin Energy Limited (DEL) and Emirates General Petroleum Corporation (Emarat) today signed a Memorandum of Understanding (MOU) that appoints working teams from both parties to study the commercial viability of new joint gas ventures in the Northern Emirates.

Both parties will evaluate potential benefits from joint use of existing gas distribution assets, collective gas sales and marketing - and future gas transportation systems.

Dolphin Energy and Emarat are also in the process of finalizing detailed agreements for Emarat to undertake the Operations and Maintenance of Dolphin’s new Al Ain - Fujairah gas pipeline.

Dolphin’s 24-inch, 182-kilometer long Al Ain to Fujairah pipeline will be completed before year end, for commissioning during First Quarter, 2004.

It will transport Dolphin natural gas, sourced from Oman, to the new Union Water and Electricity (UWEC) power and desalination plant on the UAE’s East Coast. Dolphin’s supplies from Qatar will become available in subsequent years.

The MOU was signed in Abu Dhabi by Dolphin Energy CEO, Ahmed Ali Al Sayegh and the GM of Emarat, Rashid Hamad Al Shamsi. Mr Al Sayegh said,
" Our Chairman His Highness Sheikh Hamdan Bin Zayed Al Nahayan and the UAE Minister of Petroleum & Mineral Resources, His Excellency Obaid bin Saif Al Nassiri have played an instrumental role in turning this initiative into a reality."

Mr Al Sayegh added: "We are delighted to initiate this important relationship with Emarat - one of a growing range of Dolphin strategic alliances.

"There are major synergies between our two businesses, and we have much to learn from each other. We look forward to establishing practical working links as soon as possible."

Mr Al Shamsi stated: "We look forward to working with Dolphin Energy on this exciting initiative in the Northern Emirates. This MOU establishes a template for a long-term association with Dolphin, which we confidently expect to lead to considerable new business."

Emarat, which is wholly owned by the UAE Federal Government, currently operates 360 kilometers of underground gas pipeline - supplying customers throughout the five Northern Emirates from Sharjah’s Sajaa Gas Compression Station and its associated gas fields.



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