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Mubadala joins Oman oil company in the development of the Salalah methanol project

Oman Oil Company S.A.O.C. (OOC) and Mubadala Development Company, an Abu Dhabi-based company reached agreement to jointly develop a planned methanol project in the Port of Salalah Free Zone.

20 February 2005

Oman Oil Company S.A.O.C. (OOC) and Mubadala Development Company, an Abu Dhabi-based company reached agreement to jointly develop a planned methanol project in the Port of Salalah Free Zone.

The Accession Agreement for Mubadala Development’s participation as a shareholder was signed on behalf of OOC by Mr Ahmed Bin Salim Al Wahaibi, Chief Executive and Mr Maurizio La Noce, Director of Energy and Utilities of Mubadala Development. Subject to final sanction, the project will entail the development, construction and operation of a 3,000 metric ton per day state-of-the-art methanol plant, using natural gas, supplied by Ministry of Oil and Gas through Oman Gas Company, as feedstock.

“We are excited about the opportunity to support the development of such an important project for Salalah and to grow Mubadala’s portfolio of energy investments in Oman,” says Khaldoon Khalifa Al Mubarak, Mubadala Chief Operating Officer and Abu Dhabi Executive Council member. Oman Oil Company’s Chief Executive Officer Ahmed Bin Salim Al Wahaibi stated: “We are pleased about Mubadala participation in this project and we look forward to a highly successful development and implementation.” He further added: “We are looking forward to further co-operation between Oman Oil and Mubadala in the development of energy projects in Oman and the region.”

OOC and Mubadala Development believe that an aggressive development plan will achieve financial close by first half of 2006. Completion of the project is expected in late 2008. Oman Oil Company (OOC) Oman Oil Company S.A.O.C. (OOC) is a commercial company 100 % owned by the Government of the Sultanate of Oman. The company was created in 1992 to give the Government another vehicle for pursuing investment opportunities in the energy sector both inside and outside Oman.

Through participation in energy and energy related projects, OOC plays a role in the Sultanate’s efforts to diversify the Omani economy and help generates Omani and foreign private sector investment. In Oman, OOC has interest in numerous projects that are either in operation, under construction or under development. These include gas transmission, petroleum retailing, refining, petrochemicals and aluminum smelting. Outside Oman, OOC has interests in exploration and production, crude oil pipelines and petroleum product logistics.

For further information on OCC, please visit http://www.oman-oil.com.

Mubadala Development Company Mubadala is a development and investment company wholly owned by the government of Abu Dhabi. Its existing investments include a 51% majority stake in Dolphin Energy, the developer of the Dolphin Gas Project, which involves the creation of the first cross-border gas network in the GCC through the import of Qatari natural gas for the markets of the UAE and Oman, and interest in nine new exploration blocks in Libya. It also has a 25 percent stake in the Dutch Fleet Management giant LeasePlan Corporation and holds shares in many other companies, including ALDAR Properties, National Central Cooling Company (Tabreed) and Abu Dhabi Ship Building.

For further information please visit http://www.mubadala.ae

For editorial information: Assilah Zaher Al-Harthy Head of Corporate Affairs Oman Oil Company (OOC) Tel: +968 24 573100 E-mail: .com For editorial information: Abdulla Khouri Communications and Admin Manager Mubadala Development Company Tel: +971 2 616 0099 E-mail: