Chiyoda/Technip: Multi-Billion US$ LNG Contract in Qatar -- Momentous LNG Project for North American Market.

YOKOHAMA, Japan -- Chiyoda has signed a contract with the Ras Laffan Liquefied Natural Gas Company Limited (3) ("RasGas (3)") for engineering, procurement and construction (EPC) of RasGas Onshore Expansion Project Trains 6 & 7 with the world's two largest LNG trains. This contract will be executed by a joint venture led by Chiyoda Corporation with Technip France from Paris. Front End Engineering and Design (FEED) work for RasGas (3) Project was also performed by Chiyoda. Each train is designed to produce 7.8 million tons per annum ("MTA") of LNG, with Train 6 scheduled for start up in late 2008, and Train 7 approximately a year later. The value of the contract is in the range of typical values for such large projects, i.e., approximately US$ 4 billion.

Implementation of these new LNG trains with a capacity of 7.8 MTA each, as well as Qatargas II LNG Trains 4 & 5 with the same capacity, which are also being executed by Chiyoda and Technip, represents a big step forward for the State of Qatar to become the world's largest supplier of LNG with expected total annual production of 77 million tons by 2010. Chiyoda will, with its accumulated know-how on scaling-up of reliable LNG base load plants, contribute to Qatar's strategic plan by the successful implementation of these giant LNG trains.

This expansion of the RasGas (3) project will take advantage of synergies with its existing trains. The project is the largest LNG import project that has been announced for supplying gas to the U.S., and makes Qatar Petroleum and ExxonMobil leaders in supplying the important U.S. natural gas market. Delivery of LNG to the U.S. is targeted to begin in 2008/2009 and will extend for over 25 years.

Qatar Petroleum has a 70 percent equity interest in this project and ExxonMobil RasGas Inc. an ExxonMobil subsidiary has 30 percent.

The new LNG trains will be constructed at the existing RasGas LNG plant site in Ras Laffan Industrial City where Chiyoda has completed existing Trains 3 and 4 and is currently executing Train 5.

Chiyoda Corporation, headquartered in Yokohama, Japan, provides services 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, on a global basis including the Middle East, West Africa, Russia and South East Asian regions. 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.