June 7, 2009 / 9:54 AM / 9 years ago

Cairo-based Citadel wins Libyan gas grid contract

DUBAI, June 7 (Reuters) - Cairo-based private equity firm Citadel Capital has been awarded an 118 million euro ($167.2 million) contract to develop a local gas distribution network in Libya, the company said in a statement on Sunday.

The gas distribution network contract, which was awarded to Taqa Arabia, Citadel’s energy unit, will connect 370,000 households in the capital Tripoli, Benghazi and Misrata, the company said.

“In the energy field, those who have gone in so far have been purely on the upstream side, said Citadel’s managing director Marwan Elaraby.

“So there are plenty of opportunities available for an experienced regional player, such as Taqa Arabia, to play a major role in developing Libya’s energy distribution infrastructure.”

Taqa will also be working with Libya’s Arab Gas Company to work on expanding the North African oil producer’s gas grid, the company said.

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