National Petroleum Company Launches Search for New CEO

Citadel Capital Managing Director Karim Sadek will lead the search for a globally experienced industry leader to help take NPC to the next level

The National Petroleum Company (NPC), Citadel Capital’s Cairo-based oil and gas exploration and production platform, announced today the start of its search for a new chief executive officer following the resignation of James Page.

Page, who resigned for family reasons and has returned to the United States, joined NPC late in the fall of 2007 to helm both NPC and operating subsidiary Petzed.

“James is a seasoned veteran of the Egyptian upstream sector who did a great job in leading the team during his time in NPC,” said Citadel Capital Managing Director Karim Sadek. “We are disappointed to see him go, but wish him and his family the very best as they return home.”

Sadek, who had served as managing director of NPC until the hiring of Page in November 2007, will helm NPC in the interim while leading the search for a new CEO.

“The global job market in the industry is such that we are very optimistic about finding a high-caliber executive to keep NPC on track to meet its business goals,” said Sadek.

—Ends—

NPC is a Cairo-based upstream oil and gas exploration and production company with a MENA footprint. In 2006, NPC acquired 100% of Petzed, which controls the productive Shukheir Marine concession of Gamma and Shukheir Bay fields. Petzed has three more concessions in the Gulf of Suez, including South Abou Zeneima, East Kheir and Ezz El-Orban Offshore. It also holds the North Maghara concession in northern Sinai.

Citadel Capital is the leading private equity firm in the Middle East and North Africa. The firm focuses on building regional platform investments throughout the region in selected industries through acquisitions, turnarounds, and greenfields executed via Opportunity Specific Funds. Citadel Capital’s 19 OSFs now control Platform Companies with investments worth more than US$ 8.3 billion in 14 industries, including mining, cement, transportation, food and energy. Since 2004, the firm has returned more than US$ 2.2 billion in cash to investors, more than any other private equity firm in the region.

For more information, please contact:

Ms. Ghada Hammouda
Head of Corporate Communications,
Citadel Capital (S.A.E.)

Tel: +20 2 2791-4440 begin_of_the_skype_highlighting              +20 2 2791-4440      end_of_the_skype_highlighting • Fax: +20 22 791-4448
Mobile: +20 16 662-0002