Over 400,000 Metric Tons of Steel are Required

Mitsui also Mandated to Present Financial Proposal


Abu Dhabi, UAE, January 27, 2003. Dolphin Energy Limited (DEL) announced today that it has awarded a mandate to Mitsui & Company Limited of Japan for procurement of the line pipe for the Dolphin Project, following a signing ceremony at the company’s headquarters.
 
Mitsui has been selected as the preferred provider of line pipe, fabricated in Japan, for the Dolphin Project. This major strategic energy initiative has been established to produce, process and supply Qatari natural gas by pipeline to the UAE, from 2006.
 
The Mandate Agreement was signed by Dolphin Energy’s Chief Executive Officer, Ahmed Ali Al Sayegh, and a senior representative of Mitsui & Company Limited.
 
The selection of Mitsui follows a Request for Quotation (RFQ) issued by Dolphin Energy to potential international bidders in November 2002. The mandate includes all the necessary procurement terms and conditions for the supply of over 400,000 metric tons of high-quality steel pipe.
 
A specific component of the mandate award by DEL is a Request for Financing Proposal (RFP).
 
As part of the mandate, Mitsui will provide Dolphin Energy with a detailed financing proposal for up to 100 percent of the value of the Midstream Engineering, Procurement and Construction (EPC) contract, inclusive of the line pipe procurement. DEL has agreed to work alongside Mitsui in the development of this proposal and the establishment of relationships with Japanese financing parties.
 
-Ends-
 
Dolphin Energy Limited
Dolphin Energy Limited (DEL) was created in 1999 to develop substantial energy projects throughout the GCC. Its objective is to create long-term economic wealth and new business opportunities, far into the future.
 
DEL’s major strategic initiative, the Dolphin Project, involves the production and processing of natural gas from Qatar’s North Field, and transportation of the dry gas by pipeline to the UAE, beginning in 2006. Dolphin Energy’s first energy initiative comes on stream in September 2003, when DEL’s natural gas pipeline from Al Ain to Fujairah is inaugurated. This pipeline will supply a new power and desalination plant on the UAE’s East Coast – initially with natural gas from Oman, and subsequently with Dolphin gas from Qatar.

© Press Release 2003