Middle East Economic Survey

VOL. L

No 33

13-August-2007

EGYPT

SEGAS Sets Record Low Egyptian Margins, As Tax Uncertainties Bar Domestic Banks

The Spanish Egyptian Gas Company (SEGAS) achieved record low margins for an Egyptian project financing when it signed an agreement to receive $970mn for its Damietta LNG plant on 27 July. The deal was 100% oversubscribed and attracted 22 regional and international banks (the full list has not been officially disclosed). However, uncertainties over tax...