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    Reference: 20030539
    Release date: 11 August 2004

    Promoter – Financial Intermediary

    Idku Natural Gas Liquefaction Company SAE

    Location

    Description

    Construction of a second liquefied natural gas terminal at Idku with a design capacity of 3.6 Mt/a. The project is situated next to the first train project on the Idku site currently under construction.

    Objectives

    The plant will enable the export of a part of the proven large natural gas reserves in Egypt and will therefore encourage trade between Egypt and both Europe and the US. It will thus generate substantial foreign exchange revenues for the country.

    Comments

    Electricity, Gas and Water Supply.

    Sector(s)

    Proposed EIB finance (Approximate amount)

    Up to USD 350 m.

    Total cost (Approximate amount)

    Around USD 1,100 m.

    Environmental aspects

    The Idku LNG production was subject to a full Environmental Impact Assessment due to its size, technical complexity and location (as the case if located within the EU). The EIA was conducted by a reputable international consultant in collaboration with local consultancies and covered also the potential construction of a second train at a later stage considering the site and the facilities to be commonly used by Train-1 and Train-2. The need for a further update of the EIA will be assessed during appraisal.

    Procurement

    The project is a private sector type operation with respect to the Bank’s Guide to Procurement. Shareholders are corporates with strong commercial interests in the project. The plant’s production is sold on highly competitive international and European markets.

    Status

    Signed - 5/07/2005

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Egypt Energy