Cairo-based private equity firm Citadel Capital said a gas firm in which its has invested is in final negotiations with a joint venture partner on a contract in Libya, Citadel said on Wednesday.

The 118 million euro ($167.6 million) contract is to develop gas distribution networks in Libya. Taqa Arabia owns 49 percent of the joint venture Arab Gas Company that won the dealt. The Libyan Social Economic Development Fund owns the majority 51 percent.

"Draft contracts for the award are in the final stages of procedural reviews," Citadel said in a statement.

A Citadel spokeswoman said that the company and its partners together owned a majority stake in the Taqa Arabia. Citadel typically takes a 10 percent to 20 percent in companies in which it invests, she said.

The contract would connect 370,000 households in Tripoli, Benghazi and Misrata, Citadel said last month.-Reuters