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Citadel Capital is Regarding Libya’s Arab Gas

Source: www.gulfoilandgas.com 7/22/2009, Location: Africa

Citadel Capital, the Egyptian private equity firm, wishes to clarify that press reports suggesting it has been awarded a tender to build a gas distribution network in Libya are false.

Citadel Capital is a Cairo-based private equity firm and, as such, does not enter into tenders or contracts on behalf of any of its platform or portfolio companies.

Citadel Capital wishes to confirm that it was the Arab Gas Company, a Libyan firm, that participated in and won the tender for the construction of a medium-pressure gas network serving Tripoli, Benghazi and Misrata. Draft contracts for the award are in the final stages of procedural reviews.

The Arab Gas Company is a joint venture between the Libyan Social Economic Development Fund (which holds a 51% stake) and TAQA Arabia (which holds 49%). TAQA Arabia is Citadel Capital’s platform company in the regional gas distribution industry.

Citadel Capital regrets any distress caused to the Libyan General Gas Transport and Distribution Company as a result of any misinterpretation of the firm’s announcement by some members of the media.

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