Citadel Capital Clarification Regarding Libya's Arab Gas Company

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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Citadel Capital is the leading private equity firm focusing on building regional platform investments throughout the Middle East and Africa in selected industries through acquisitions, turnarounds and greenfields executed via Opportunity Specific Funds. Citadel Capital’s 19 OSFs now control Platform Companies with investments worth more than US$ 8.3 billion in 14 industries, including mining, cement, transportation, food and energy. Since 2004, the firm has returned more than US$ 2.2 billion in cash to investors, more than any other private equity firm in the region.For more information, please contact:

For more information, please contact:

Ms. Ghada Hammouda
Head of Corporate Communications,
Citadel Capital (S.A.E.)

Tel: +20 2 2791-4440 begin_of_the_skype_highlighting              +20 2 2791-4440      end_of_the_skype_highlighting • Fax: +20 22 791-4448
Mobile: +20 16 662-0002