Chiyoda/Technip: A $4 Billion LNG Contract in Qatar.

YOKOHAMA, Japan -- Chiyoda has signed with the Qatar Liquefied Gas Company Limited (II) ("Qatargas (II)") a contract for engineering, procurement and construction (EPC) of the onshore facilities with the world's 2 largest LNG trains. This contract will be executed by a joint venture of Chiyoda Corporation and Technip France from Paris. The value of the contract is approximately USD $4 Billion. Each train will produce an expected minimum of 7.8 million tons per annum of LNG, with Train 4 scheduled for start up in late 2007, and Train 5 approximately 9 months later.

Qatargas II will be selling LNG from these new trains into the UK and commitments have been made through affiliates of Qatar Petroleum and ExxonMobil for the necessary regasification in the UK. Qatargas (II) has also made pre-investment in the offshore field development, the LNG ships and the LNG storage facilities in Qatar.

The new LNG trains will be constructed at the existing Qatar Liquefied Gas Company Limited ("Qatargas") LNG plant site which has been operating since 1996 and where currently three LNG trains are producing over 8 million tons per annum of LNG. All three existing Qatargas LNG trains were originally designed and constructed by Chiyoda and successfully debottlenecked under a contract also awarded to Chiyoda/Technip joint venture in late 2001.

The award for the Qatargas II Trains 4 & 5 establishes significant new benchmarks for LNG train capacity, project schedule and cost effective monetization of Qatar's estimated massive 900TCF gas resources. Chiyoda has been at the forefront of this relentless drive for innovative plant design and world class project execution, having been involved in every part of the gas value chain from the inception of the LNG industry.

The demand for LNG as clean energy is showing a steady increase not only in the Pacific Rim countries but also in Europe and US markets. Chiyoda is highly experienced in LNG plant projects as well as LNG receiving terminals, and will provide services on a global basis including the Middle East, Russia and South East Asian regions, where a number of future gas value chain projects are expected.

Chiyoda Corporation, headquartered in Yokohama, Japan, provides services on a global basis in the field of engineering, procurement and construction for gas processing, refineries and other hydrocarbon or other industrial plant projects, particularly for Gas Value Chain Projects. For more than 50 years, Chiyoda has constantly leveraged its extensive experience and far-reaching global network to give it an unrivaled advantage. The Company will continue its EPC business, while innovating an expanded business model that includes plant lifecycle engineering (PLE). This will enable Chiyoda to become a one-stop provider of everything its customers need in the way of plant development and operations.