A syndicate of 19 regional banks and financial institutions are lending a total of US$160million for the project, led by the Housing Bank for Trade & Finance in Jordan. The project company, Jordanian Egyptian Fajr for Natural Gas Transmission and Supply Co, is committing $125million in equity. The European Investment Bank (EIB) has invested EUR 100 million in the project through a loan to the Egyptian Natural Gas Holding Co (EGAS). EGAS has invested the money partly as debt through its position as co-arranger of the loan, and partly through equity in the project company. The 393-km long pipeline will run from Aqaba to Rehab near to the Syrian border, and will supply Egyptian gas to power stations and industrial customers in Jordan. The power station at Rehab is currently undergoing conversion to burn natural gas, and a new combined-cycle gas power station will be constructed at As-Samra. The pipeline is being constructed by an Egyptian consortium comprising Engineering for the Petroleum and Process Industries (Ennpi), Petroleum Projects and Technical Consultations Co (Petrojet), and the Egyptian Natural Gas Co (GASCO). Construction is scheduled to take 33 months. Under the terms of the concession, the project company will operate the pipeline for a 30 - 40 year term. Gas sales in the first 10 years within Jordan are expected to be at least $1.5 billion, and the deal will save Jordan in the region of US$100 million/yr, as well as giving the Kingdom significant environmental benefits. The project is being run through the Ministry of Energy and Mineral Resources under the leadership of the Minister, Eng. Azmi Al-Said Khreisat. Legal advisers to the Ministry are Trowers & Hamlins (T&H), whilst Charles River Associates (CRA) is project commercial consultant and Mapstone Ltd is acting as financial consultant. CRA and T&H are also advising the Government of Jordan on its ‘energy masterplan’ which aims to provide the basis for future development of the energy sector.