Amoco Corporation (Formerly Standard Oil Company (Indiana) and Affiliated Corporations - Page 24

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               On February 9, 1976, the People's Assembly passed Law No. 15           
          of 1976.  Article 1 authorizes the Minister of Petroleum to sign            
          the MCA.  Article 2 gives several articles of the MCA, including            
          Article IV, the force of law prevailing over contrary                       
          legislation.                                                                
               President Sadat signed a decree promulgating Law No. 15 of             
          1976 on February 19, 1976.  Law No. 15 of 1976 and the MCA were             
          published in the Egyptian Official Gazette on February 21, 1976,            
          in English and Arabic.                                                      
               The minutes of the People's Assembly session in which                  
          Egyptian Law No. 15 of 1976 was considered and approved reflect             
          no discussion of the tax aspects of the MCA.  Nor does a report             
          prepared by the Industry and Motive Power Committee concerning              
          Law No. 15 of 1976 address such aspects.  The report does note              
          that the Egyptian Government expects to receive an additional               
          $2.4 billion from the Amoco Egypt concessions over the next 20              
          years as a result of converting the 50/50 agreements to the                 
          production sharing format.                                                  
               The MCA in its English and Arabic versions was formally                
          executed by the EGPC, Amoco Egypt, and the Minister of Petroleum,           
          on behalf of the ARE, on February 24, 1976.  The MCA became                 
          effective as of July 1, 1975.                                               









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Last modified: May 25, 2011