ABU DHABI - The Dolphin Programme.

Shaikh Mohammed Bin Zayed, the eldest son from Shaikh Zayed's favourite wife Shaikha Fatima, in March 1999 came up with the "Dolphin Programme" as part of UOG's ventures. This is a set of projects, to be worth about $8-10 billion, to develop natural gas in a part of Qatar's huge North Field, buy it and transport it by pipeline to Abu Dhabi, Dubai, Oman and Pakistan.

In partnership with Enron of the US and TotalFinaElf of France, UOG's Dolphin programme will include units to market the gas in each of Abu Dhabi, Dubai, Oman and Pakistan (see Gas Market Trends No. 3). The initial technical and marketing studies for the Dolphin Program were done by Intec Engineering and Paragon of the US.

Reportedly, UOG has acquired equities in gas marketing ventures in India and Pakistan. In 1999 it was said to have signed MoUs with the Pakistani government to get shares in Sui Northern Gas Co. and Sui Southern Gas Co. It was also said to be one of eight big companies shortlisted to acquire a stake in Karachi Electric Supply Corp.

In March 2000 UOG and Summit Corporate Services of the UK jointly took a 25% stake in a new UK firm called Octane Properties, which in late December 1999 had signed a sale-and-leaseback deal with Shell Capital for 180 petrol stations of Shell UK. The latter deal was worth almost $475m. The 25% equity in Octane Properties was then said to be owned 51% by UOG and 49% by Summit Corporate Services. The majority 50% stake in Octane Properties is held by London & Regional Properties. The remaining 25% is owned by Rotch Property Group, another London-based real estate company.

It was reported that the petrol stations were mostly in central London and were leased back to Shell for a period of 20 years, including a two-year break clause. It was also reported that Octane Properties was to develop the stations by turning them into satellite and mobile telecommunications centres, and distribution sites for internet firms. Some of the stations were to be redeveloped with Shell co-operation to make them more efficient and profitable. The management responsibility was to remain with Shell.

(Summit Corporate Services was then described as a privately-owned firm specialised in discharging defence contractors of their offset obligations and was working closely with UOG. It has worked with UOG on several deals in the fields of energy, transportation and telecoms).

Oasis International Leasing Co., an offset JV between British Aerospace Asset Management and UAE investors grouped by UOG, was established in Abu Dhabi in early 1998. In late 1998 structured a lease finance package for the LNG tankers of ADNOC's National Gas Shipping Co. (NGSCo).

The deal has freed up funds for ADNOC, enabling it to finance several expansions at the Ruwais industrial zone. The lease finance package involved Oasis buying NGSCo's eight LNG tankers and then leasing them back to NGSCo. Oasis arranged syndicated loans from local and international banks for companies set up to own the NGSCo assets.