Re Agreement

BP Amoco PLC
21 March 2001




March 21, 2001




BP SIGNS EGYPT LNG AGREEMENT

BP announced today that it has signed an LNG agreement with the Egyptian
General Petroleum Corporation and Eni.

The agreement provides for an LNG facility to be built at the Port of Damietta
by BP and Eni. Under the agreement, BP and Eni have agreed to be the buyers of
the LNG for sale into Mediterranean markets.

The agreement also establishes the terms and conditions for the price which BP
and Eni will pay for gas supplied to the facility and sets out the commercial
framework for the construction and ownership of the facility. Egyptian LNG is
scheduled to be delivered to the markets in the second half of 2004.

Egypt's Petroleum Minister, Engineer Sameh Fahmy, described the agreement as '
an important step towards establishing a major gas export facility for Egypt
which will greatly help realise the Government's strategy of maximising the
value of Egypt's gas while ensuring the domestic market is fully satisfied now
and in the future. We are very pleased to have reached this agreement with two
of the world's major oil and gas companies.'

David Nagel, president and general manager for BP Egypt commented, 'This
project will help to secure continued growth in Egypt's upstream industry
where BP has invested more than $9 billion over the past forty years. Egypt
LNG is another example of BP's ability to bring new LNG sources to new
customers around the world. In the past 12 months, we have secured markets for
new LNG in the USA, the Caribbean and in Spain and we have new LNG ships under
construction in Korea which can be deployed to bring early Egyptian gas to the
international market.'


Further enquiries:

Toby Odone, BP Press Office, London: [phone]

Tom Fyfe, BP, Cairo: [phone]





Note to editors:
The agreement was signed in Cairo by BP, the Egyptian General Petroleum
Corporation (EGPC), and Eni S.p.A. (through Snam S.p.A.).



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