Abu Dhabi, July 2006 — LAWFUEL – Press Release Service – Shearman & …

Abu Dhabi, July 2006 — LAWFUEL – Press Release Service – Shearman & Sterling LLP advised Qatar Electricity & Water Company Q.S.C (“QEWC”) on the US$485.5 million limited recourse project financing for the development and construction of the Ras Abu Fontas B2 independent water and power project (IWPP) in the State of Qatar.

The project comprises the development, construction, financing and ownership of a new power generation and water desalination facility with a capacity of approximately 567 Megawatts of power generation and 29.1 Million Imperial Gallons per Day of water on a on a Build-Own-Operate basis.

The mandated lead arrangers for the financing are The Bank of Tokyo Mitsubishi UFJ, Ltd , Calyon Corporate and Investment Bank, Commercial Bank of Qatar Q.S.C., Gulf International Bank B.S.C., HSBC Bank plc, and Qatar National Bank S.A.Q.

The Shearman & Sterling team was led by partner Tim Pick and included Richard Kramer, Paul Bailey and Lazonia Clarke in Abu Dhabi and John Delamere in London.

Partner Tim Pick commented, “RAF B2, a major project that will significantly benefit the State of Qatar and help meet its growing power and water demands, is being developed solely by QEWC. We are delighted to have been able to assist them with it.”

Co-Head of Project Development & Finance, Nick Buckworth, said, “For Shearman & Sterling RAF B2 represents a further strengthening of our market-leading position in the Middle East power and water sector, particularly in the State of Qatar where we have advised on all of the projects closed to date. We continue to focus on our relationships with key domestic Middle Eastern corporates as they mature and start to lead complex transactions of this magnitude.”

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