Cairo--(Marketwire - January 15, 2008) -
NEWS RELEASE
OCI Signs EGP 560 million Power Plant Contract in Egypt
OCI signs a new construction order valued at EGP 560 million for the civil works
package on the Sidi Krir 750 MW Combined Cycle Power Station in Egypt
Cairo, Egypt - 15 January 2008: Orascom Construction Industries (OCI) announced
today that it has signed an EGP 560 million contract with the West Delta
Electricity Production Company ("WDEPC"). The award is for the construction work
on new 2 x 250 MW Combustion Turbine Generators and 1 x 250 MW Steam Turbine
Generator located in Sidi Krir, Alexandria, Egypt.
The scope of work under the contract includes the plant's on-shore, out-fall and
inlet cooling system. The contract also includes the construction of the
non-process building, the steel structures and all civil works related to the
power block.
The project was awarded as a joint venture to both OCI and Besix S.A. (an OCI
subsidiary). The total value of the contract is approximately EGP 560 million
(EUR 27.6 million plus EGP 398 million) and is scheduled for completion within
32 months from the contract signature date.
The Sidi Krir Power Station contract is the fourth power sector award for OCI
during the last 12 months. OCI has received contract awards for the 2x350 MW
Thermal Power Plant located in El Tebbin, Egypt as well as the first 62 MW Solar
Combined Cycle Power Plant located in Kuraymat, Egypt, with a combined value of
US$ 230 million. More recently, OCI received a contract to build the first 1,200
MW Combined Cycle Power Plant in Algeria in consortium with Alstom; a contract
worth EUR 560 million.
OCI Construction Group Managing Director, Osama Bishai commented "the Sidi Krir
contract further reinforces OCI's leadership in the power sector. Over the past
12 months, OCI has been awarded four power plant contracts in both Egypt and
Algeria. The Group has developed specialized expertise in the construction of
large, industrial power plants and continues to play a primary role in
developing the infrastructure for the growing economies in North Africa and the
Middle East. OCI will continue to pursue similar projects in the future,
leveraging its know-how, technical capabilities and core competence in the
sector."
About Orascom Construction Industries
OCI is a leading construction contractor active in emerging markets. Based in
Cairo, we employ more than 40,000 people in over 20 countries. Working together
with our employees, business partners and customers, we are helping to build the
future in developing countries around the world.
As a contractor, we provide engineering procurement and construction services on
large, complex and demanding industrial, commercial, water/sewage,
transportation, telecommunications, maritime, tourism and railway projects for
private and public customers principally in the Middle East, Africa and Central
Asia. Our Construction Group is active in over 100 projects in more than 20
countries. Through partnerships with industry leaders, we also manufacture
fabricated steel products as well as architectural curtain walling and window
systems. We also have investments in natural gas industries, such as fertilizer
producers, and in infrastructure concessions.
For additional information CONTACT:
OCI Investor Relations Department:
Hassan H. Badrawi
Email: hassan.badrawi@orascomci.com
Omar Darwazah
Email: omar.darwazah@orascomci.com
Ahmed Sultan
Email: ahmed.sultan@orascomci.com
Tel: +202 2461 1039/1036/0727/0914
Fax: +202 2461 9409
For additional information on OCI: www.orascomci.com
Orascom Construction Industries (OCI)
Nile City Towers - South Tower
2005A Corniche El Nil, Cairo, Egypt
OCI stock symbols: OCIC.CA / ORCI EY / OCICqL / ORSD
This information is provided by RNS
The company news service from the London Stock Exchange
END