The meeting took place on January 7th, 1997, at the Minister�s office and, during the meeting, Dr. H. El Banbi informed them about the decision taken by the Egyptian Government to increase the EGPC equity in MIDOR from 20% to 60% in order to obtain the full financial resources needed for the project.

On the other hand, taking into consideration the outstanding relationship between Repsol and EGPC and the important contribution of Repsol to the project to date, the Ministry offered Repsol the opportunity to participate in the MIDOR shareholding. Dr. H. El Banbi emphasized that this step would reinforce Repsol�s involvement in the project.

Repsol executives greatly appreciated the proposal, which is considered very attractive, and the details will be studied jointly with EGPC in the near future.