In regard to news circulating on a number of news-oriented websites regarding ongoing negotiations between the Ministry of Transport and Citadel Capital (CCAP.CA on the EGX) to execute a fuel-bunkering and storage project for which Mashreq Petroleum Company holds a concession, Citadel Capital would like to clarify the following:

Citadel Capital owns a 25% stake in Mashreq Petroleum Company, with other limited partners including the Port Said Port Authority. The firm further clarifies that negotiations are underway between Mashreq’s management and the Ministry of Transport to amend certain of the contract’s terms and conditions. Upon successful conclusion of these negotiations, the firm will make an official announcement in a timely manner.

Citadel Capital further notes that while reports published in conjunction with the above-mentioned stories state that “Citadel Capital is owned by the businessman Ahmed Heikal,” Dr. Heikal is in fact the Founder and Chairman of Citadel Capital. He is not the sole owner of the firm.


** Translation of the Arabic-language Original**