London, June 4, 2007—Shearman & Sterling LLP has represented the lenders in relation to the $948 million financing of the EMethanex methanol plant in Egypt.

Signing took place on 15 May but reached financial close on 31 May following the final signature from the Egyptian Prime Minister Ahmed Nazif.

The 1.26 million tonne per annum project will include the design, construction, and operation of the plant at Damietta on the Mediterranean Coast in the Nile Delta and will be owned by the Egyptian Methanex Methanol Company.

The project is being jointly developed by Egyptian Petrochemicals Holding Company, a state owned entity responsible for the development of the petrochemicals industry in Egypt, and Methanex Corporation, a global leader in methanol production and marketing.

Shearman & Sterling advised the lenders on the deal including European Investment Bank, the Bank of Tokyo-Mitsubishi UFJ, Ltd., Calyon, Standard Chartered Bank, Commercial International Bank (Egypt) S.A.E, and National Bank of Egypt.

Representatives from Shearman & Sterling included partner Kenneth MacRitchie (London-Project Development & Finance) and associates Lisa Almen (London-Project Development & Finance), Ben Shorten (Abu Dhabi-Project Development & Finance), Anna Chung (London-Project Development & Finace), Simon Thomson (London-Project Development & Finance), Sveva Sfara (London-Project Development & Finance) and trainee Alex Massouras (London-Litigation/Arbitration).

Shearman & Sterling is one of the leading international law firms advising on financings of gas projects in Egypt.  The firm has advised on a number of projects including the $1.35 billion Egyptian LNG plant which is one of Egypt’s largest ever project financings.