APICORP’s US$250 Million Five Year Term Loan Facility

27/04/2005 – Arab Banking Corporation (B.S.C.), The Bank of Tokyo-Mitsubishi, Ltd., BNP Paribas, Calyon, Gulf International Bank B.S.C., Mizuho Corporate Bank, Ltd., Standard Chartered Bank and Sumitomo Mitsui Banking Corporation Europe Limited (the “Mandated Lead Arrangers”) are pleased to announce the successful close of APICORP’s US$250,000,000 five-year Syndicated Term Loan Facility (the “Facility”).

The Facility was fully underwritten by the Mandated Lead Arrangers and the proceeds will be used to refinance APICORP’s US$200,000,000 five-year syndicated term loan facility signed in July 2000 and for general corporate purposes.

Syndication received strong support from the banking market and in total the commitments amounted to US$295,000,000. As a result, APICORP elected to increase the Facility amount from the initial US$200,000,000 to US$250,000,000. Syndicate banks include leading institutions from the Middle East
and North Africa, Europe and Asia.

The signing ceremony was held at the Ritz Carlton Hotel, Bahrain on 27th April 2005 and was attended by senior representatives of APICORP, the Mandated Lead Arrangers and participating banks. At the signing ceremony, Mr. Abdullah Al-Zaid, Chairman of APICORP’s Board of Directors commented on the good performance of the Company and its continued commitment in support of the development of the Arab oil and gas sectors. He also commended the strong support received from the banking community. Speaking on behalf of the Mandated Lead Arrangers, Dr. Khaled Al-Fayez, Chief Executive Officer of Gulf International Bank, highlighted the role of APICORP as a leading player in financing oil, gas and petrochemicals projects and ventures financing in the region. “The amount raised and the quality of the banks supporting this Facility are both testimony to the confidence that the international and regional financial institutions have in the strength of APICORP” he added.

The 17-strong syndicate comprises the following banks:

Mandated Lead Arrangers
Arab Banking Corporation (B.S.C.)
The Bank of Tokyo-Mitsubishi, Ltd.
BNP Paribas
Calyon
Gulf International Bank B.S.C.
Mizuho Corporate Bank, Ltd.
Standard Chartered Bank
Sumitomo Mitsui Banking Corporation Europe Limited

Lead Arrangers
Arab Bank plc
The International Commercial Bank of China, Offshore Banking Branch
Raiffeisen Zentralbank ?sterreich Aktiengesellschaft

Arrangers
Erste Bank (Malta) Limited
BayernLB
Natexis Banques Populaires, London Branche
Qatar National Bank

Co-Arrangers
Arab International Bank, Cairo
United Taiwan Bank