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Technip / Chiyoda: Multi-Billion US$ LNG Contract in Qatar

Source: 9/25/2005, Location: Middle East

Technip has signed with the Ras Laffan Liquefied Natural Gas Company Limited (3) (“RasGas (3)”) a contract for engineering, procurement and construction (EPC) of RasGas Onshore Expansion Project Trains 6 & 7 for two of the world’s largest LNG trains. This contract will be executed by a joint venture of Technip and Chiyoda. Each train is designed to produce 7.8 million tons per annum (“MTA”) of LNG, with Train 6 scheduled for start up in late 2008, and Train 7 approximately a year later. The value of the contract is in the range of typical values for such large projects, i.e. approximately US$ 4 billion.

Technip’s portion of the engineering work will be carried out by its engineering center in Paris (France), with the support of the Group’s center in Abu Dhabi (UAE).

“Coming shortly after the award last December of the Qatargas II contract, this new contract is further confirmation of the confidence that Qatar Petroleum and ExxonMobil have in Technip/Chiyoda capabilities. This project consolidates Technip’s leading position in the fast-growing LNG market,” said Daniel Valot, Chairman and Chief Executive Officer of Technip.

These new LNG trains with a capacity of 7.8 MTA each, as well as Qatargas II LNG Trains 4 & 5 with the same capacity, represent a big step forward for the State of Qatar to become the world’s largest supplier of LNG with expected total annual production of 77 million tons by 2010. Technip will contribute to Qatar’s strategic plan by the successful design and construction of these giant LNG trains.

This expansion of the RasGas (3) project will take advantage of synergies with its existing trains. The project is the largest LNG import project that has been announced for supplying gas to the U.S., and makes Qatar Petroleum and ExxonMobil leaders in supplying the important U.S. natural gas market. Delivery of LNG to the U.S. is targeted to begin in 2008/2009 and will extend for over 25 years.

Qatar Petroleum has a 70 percent equity interest in this project and ExxonMobil RasGas Inc. an ExxonMobil subsidiary has 30 percent.

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