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NPC Gets a New Chief

03 December 2007
James T. Page joins as Managing Director of Citadel Capital's upstream oil and gas business
Cairo, Egypt - The National Petroleum Company (NPC), the upstream oil and gas arm of Citadel Capital, the region's leading private equity firm, has appointed James T. Page as its new Managing Director. Page will helm both NPC and its operating subsidiary, Petzed Investment and Project Management Ltd. (Petzed).

For the past 10 years, Page has held progressively more senior management positions with Apache Corporation (Apache). His most recent post was as Director and Deputy Finance General Manager and a Director of Khalda Petroleum Company , a large joint venture between Apache and the Egyptian General Petroleum Corporation (EGPC) . Page also served as a Director on the boards of six other Apache petroleum joint ventures in Egypt.

Renowned for his ability to help grow business units and consolidate post-acquisition assets and operations, Page will be a significant asset to NPC. His exceptional knowledge of petroleum production-sharing contracts and their financial, tax and economic implications -- coupled with his proven track record with business partners including stateowned oil companies -- make him the perfect choice for NPC as it expands operations.

Page's appointment is in line with Citadel Capital's consistent strategy of putting the right talent in the right place.

"We are all very pleased to have Jim onboard," said Karim Sadek, Managing Director of Citadel Capital. "With his strong finance background and his years of experience with Apache, he will add immeasurable value to Citadel Capital's upstream business. This kind of expertise and experience will be crucial to the future growth of the company."

Until Page's appointment, Sadek served as Managing Director of NPC. As Citadel's upstream oil and gas partner, Sadek will now focus his attention on integrating Citadel's various upstream holdings.

A seasoned veteran of the Egyptian oil and gas industry, Page, an American national, has worked in Egypt since 1994, when he joined Price Waterhouse's Cairo office. Page served as lead manager for multinational oil and gas clients including Amoco and Marathon.

"I am thrilled to join NPC and the exceptional management team already in place," said Page. "NPC's future is incredibly bright. The recent acquisition of Rally Energy Corporation, combined with Petzed's five Egyptian concessions, including the South Abou Zeneima Concession upon which the recent Muzhil discovery was made, give us an excellent foundation of properties and the necessary momentum from which to grow. This platform of outstanding assets combined with an experienced, aggressive management team and Citadel Capital's backing, is the recipe for strong, profitable growth."

-Ends-

About NPC
is a Cairo-based upstream oil and gas exploration and production company with a MENA footprint. In 2006, NPC acquired 100% of Petzed, which controls the productive Shukheir marine concession of Gamma and Shukheir Bay fields. Petzed has three more concessions in the Gulf of Suez, including South Abou Zeneima, East Kheir and Ezz El-Orban Offshore. It also holds the North Maghara concession in northern Sinai.

In 2007, together with a consortium of co-investors, NPC acquired 100% of Calgary-based Rally Energy, which has a 100% operating interest in the Issaran oilfield, a significant heavy oil development opportunity in Egypt. Rally also holds a 30% stake in the Safed Koh block in Pakistan, where it is participating in the development of a natural gas discovery.

NPC is a Citadel Capital company with paid-up capital of US$ 305 million.

Citadel Capital S.A.E.
is a Cairo-based private equity firm focused on acquisitions, turnarounds and greenfields in Egypt and the Middle East. Established in 2004, Citadel now manages investments of more than US$ 7 billion in industries including mining, oil and gas, cement, transportation and food.

For more information, please contact:
Citadel Capital (S.A.E.)
Corporate Communications Department
Ms. Magda Habib
Email: mhabib@citadelcapital.com
Tel: +20 22 791-4440
Fax: +20 22 791-4448
Mobile: +20 10 001-6310

© Press Release 2007