Chiyoda/Technip: New Contract for Two LNG Trains in Qatar.

YOKOHAMA, Japan -- Chiyoda (OTC:CHYCF) has signed with Qatar Liquefied Gas Company Limited (3) ("Qatargas 3") and the sponsors of the Qatargas 4 Project ("Qatargas 4") a contract for two of the world's largest liquefied natural gas ("LNG") trains. This contract will be executed by a joint venture led by Chiyoda Corporation with Technip France from Paris ("Technip"). Chiyoda also performed the Front End Engineering and Design ("FEED") work for Qatargas 3 and Qatargas 4. The value of the contract is around US$4 billion.

Under this contract, the Chiyoda/Technip joint venture will carry out the engineering, procurement and construction of Trains 6 and 7 at the Qatargas plant in Ras Laffan City, adjacent to Trains 4 and 5 currently being executed by the Chiyoda/Technip joint venture within the framework of the contract signed with Qatargas II. Each train is designed to produce 7.8 million tonnes per annum (MTPA) of LNG.

Qatargas 3 (68.5% Qatar Petroleum; 30% ConocoPhillips; 1.5% Mitsui) owns Train 6 and will deliver LNG primarily to US markets commencing in 2009. Qatargas 4 (70% Qatar Petroleum; 30% Shell Gas B.V.) will own Train 7 and will deliver LNG to North American markets commencing around the end of the decade.

Chiyoda has a successful track record in executing LNG projects in Qatar such as Qatargas LNG Trains 1/2/3 and RasGas (II) LNG Trains 3/4 and is currently executing the RasGas (II) LNG Train 5 Project. The Chiyoda/Technip joint venture has extensive experience in Qatar, including the successful Qatargas debottlenecking project as well as the award and execution of Qatargas II and RasGas (3) projects. With the signing of the contract with Qatargas 3 and Qatargas 4, the Chiyoda/Technip joint venture is now responsible for building the world's six largest LNG trains, all of which are key to Qatar's strategic plan to become the largest global LNG supplier.

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.