Middle East Economic Survey


No 28


ELNG Train Two Financing Illustrates Dramatic Fall In Margins

The financing for Egyptian LNG (ELNG) Train 2 at Idku, which was agreed between BG Group and financiers on 6 July, illustrates how dramatically margins have fallen in the Middle East energy sector since the first train appointed its 12 international and three Egyptian banks as mandated lead arrangers (MLAs) on 9 January 2003. Train 2 financing is a close copy of Train 1, but the...