Disclosure Statement

Citadel Capital has concluded a memorandum of understanding (MOU) with the Petroleum Ministry of Iraq to build a 150,000-barrel-of-oil-per-day (BOPD) complex petroleum refinery in Iraq.

Citadel Capital has concluded a memorandum of understanding (MOU) with the Petroleum Ministry of Iraq to build a 150,000-barrel-of-oil-per-day (BOPD) complex petroleum refinery in Iraq.

Under the terms of the MOU, the Ministry of Petroleum would guarantee the refinery its feedstock and purchase the refined products under a 25-year off-take agreement at international prices.

The MOU gives Citadel Capital three years to complete all project studies, including technical, environmental and financial, among others; and allows Citadel Capital to build fuel stations and electricity generation plants. The new 150 million square meter refinery will take up to four years to construct and would enjoy tax breaks as accorded by relevant Iraqi laws.

-Ends-

For more information, please contact:

Ms. Ghada Hammouda
CMO & Head of Corporate Communications
Qalaa Holdings

g...@qalaaholdings.com

Tel: +20 2 2791-4439
Fax: +20 22 791-4448
Mobile: +20 106 662-0002