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5. New Projects: ~ Mr. Snaith informed the Committee that the status of the potential new invest- • ment in Misr Pioneer S.A.E. was uncertain. Application had been made to the Invest­ment Authority and their approval was currently awaited. However the UEEF had" received no response from Pioneer on the question of the UEEF being granted a Iputl option at par on its shareholding if it wished to sellout during the first three years of the life of the Joint Venture. Uncertainties were further compounded by the fact that the Pioneer's Manager in Egypt had recently resigned and normal channels of communication appeared temporarily blocked. 6. Preliminary Budget for 1981/82: The Preliminary Budget for 1981/82 was discussed by the Committee. Mr. Snaith noted that income projections might well prove optimistic if a) Arab Aluminum's current insolvency continued or b) Chloride-Egypt drew down their medium term loan at a slower rate than projected . Meeting adjourned