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Psg International Secures Lead Role In Us$2.5 Billion Transcaspian Pipeline Project

February 19, 1999 PSG International, a global pipeline development company, has signed an agreement with the government of Turkmenistan to lead the development of the $2.5 billion TransCaspian pipeline project. The Government of Turkmenistan selected the company as consortium leader in cooperation with the Government of Turkey.PSG International, jointly owned by GE Capital Structured Finance Group and Bechtel Enterprises, will lead the project to develop, finance, build, operate, and maintain a major TransCaspian gas pipeline from Turkmenistan to Turkey via the Caspian Sea, Azerbaijan, and Georgia. Bechtel is expected to provide engineering, procurement, and construction services and GE Capital Structured Finance Group is expected to provide financing arrangement services.
PSG International expects to conclude agreements with other prospective consortium members together with the Government of Turkmenistan and transit countries in the coming months. The company will also seek agreements with local and regional suppliers of goods and services to support this development program.

"We are delighted to have been selected in a competition for this significant opportunity that will mean so much to the people of Turkmenistan. This project will bring the enormous gas resources of the Turkmen Caspian Basin to Turkey and the rest of the European market," said Edward Smith, Chief Executive Officer, PSG International.
PSG International specialises in developing pipeline systems and offers organisations a powerful means to move resources to market. It combines its own expertise with the strength of one of the world's largest financing and investment companies and a premier global development, engineering, and project management organisation.

Bechtel Enterprises is the development, financing, and ownership affiliate of Bechtel Group Inc., a leading global engineer-constructor. It has developed more than 40 projects in the pipeline, power generation, water and wastewater, transportation, and telecommunications sectors and is a partner in 11 world-class infrastructure and technology companies. Since 1990, Bechtel Enterprises has arranged or participated in more than US$14 billion in project financings.

GE Capital Structured Finance Group is an investor and provider of innovative financial solutions for clients in the global energy, commercial and industrial, communications, and transportation sectors. In the past five years, the company has structured and financed more than 200 transactions worth over US$7 billion and has US$10 billion in assets. The Structured Finance Group draws on the strength of GE Capital, a global, diversified financial services company with assets of over US$300 billion, and General Electric Company, a diversified manufacturing, technology, and services company with operations worldwide.