Egyptian Methanex Methanol Company - Construction and project financing at Damietta

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Slaughter and May has advised Egyptian Methanex Methanol Company S.A.E. (EMethanex) and its sponsors in relation to the construction and project financing of a 1.26 million tonne per year methanol facility at Damietta in Egypt. Financial Close of the US$530 million facilities was achieved on 31 May, 2007.

The project's sponsors are Methanex Corporation inc., Egyptian Petrochemicals Holding Company (EChem), Egyptian Natural Gas Holding Company (EGAS), Egyptian Natural Gas Company (GasCo) and APICORP. The project is the first to rely upon gas from the Egyptian grid rather than upon dedicated fields and represents a major step in the development of an Egyptian petrochemicals industry, as part of a downstream diversification strategy.

Slaughter and May acted alongside Shalakany Law Office in relation to Egyptian law matters.

Christopher Saunders (partner), Helen Griffiths (partner), George Vaughton (associate), Sana Ghouse (associate), James Reeve (associate); Construction: Steven Edwards (partner), Tim Healey (associate), Richard Todd (associate)

Shalakany Law Office: Mona Zulficar (senior partner), Mohamed Salah Wahab (partner)