While Egypt's Oil production is mature and in decline, substantial gas reserve discoveries insure the energetic self-sufficiency of the country for many decades to come. Promising gas and petrochemical export capabilities supplement this.

Reflecting the industry's importance for the Egyptian economy, CIIC has a significant portfolio commitment to the oil and gas sector. Investments in NatGas, a gas delivery company with one of the most profitable franchises in the country, and Sapesco - the leading local oilfield services company, echo the potential of the industry. CIIC was one of the original investors in the Sidi Kreir ethylene / polyethylene plant project. This project is now successfully competed and producing high quality product, much of which is finding export markets.

We are, moreover, in the process of focusing on the up-stream. In their stead, a portfolio of small producing oil fields is being pursued. These latter assets have the attraction of being generators of immediate US dollar revenue streams of being amenable to project financing. Such structured finance leverages CIIC's in-house corporate finance expertise.