Cairo, Egypt / December 4, 2008, 3:00 PM
OCI Announced as Lowest Bidder on the New Abu Kir USD 280 million
Steam-Powered Power Plant in Egypt
Egypt-based Orascom Construction Industries (OCI) announced today
that it has been announced as the lowest bidder among four
international groups on the new 1,300 MW steam-powered power plant in
Abu Kir - Alexandria, Egypt. OCI's scope of work is valued at USD 280
million and shall include piling, concrete and civil works in addition
to the supply and installation of steel structures. The client is
the state-owned West Delta Electricity Production Company ("WDEPC").
OCI is currently providing construction services on four other power
plants in Egypt including the Kuraymat integrated solar combined cycle
power plant, the Tebbin thermal power plant, the Sidi Krir combined
cycle power plant and the Talkha combined cycle power plant. Including
the newly announced Sidi Krir power project, the total electricity
generation capacity under construction in OCI's Egypt backlog of power
plants is 3,562 MW. Last year, OCI completed work on the Nagga Hammadi
hydroelectric barrage and power plant on the Nile River in Egypt.
In Algeria, OCI in consortium with Alstom is currently constructing the
Terga 1,200 MW combined cycle power plant for the Algerian state-owned
electricity company "Sonelgaz".
All the aforementioned construction contracts are valued at a total of
USD 1.7 billion.
In related activities, in September 2008, OCI signed a Cooperation
Agreement with Babcock-Hitachi K.K. (BHK) of Japan for future
cooperation on the design, manufacture and erection of Super Critical
Technology Boilers for power projects in Egypt with a potential
expansion in the North Africa and Middle East regions.
OCI Construction Group Managing Director, Osama Bishai commented "this
new project emphasizes our commitment to the Egyptian
power expansion program which has been exceptionally managed by the
Egyptian Government. We believe OCI is strategically positioned to
benefit from the visible pipeline of power projects and infrastructure
across the Middle East and North Africa region."
About OCI Construction Group
The OCI Construction Group ranks among the top global contractors and
operates under three distinct and separate brands. The Group targets
large industrial and infrastructure projects principally in Egypt,
North Africa and select markets in the Arab Gulf markets. The
BESIX Group undertakes major Industrial, infrastructure and
commercial projects throughout Europe and the Middle East. Contrack
International pursues institutional projects in the Middle East
and Central Asia.
To complement the construction business, OCI also owns and operates
National Steel Fabrication Company, the Middle East's largest
manufacturer of fabricated steel products. OCI also has investments in
manufacturers of glass curtain walling, paints and concrete pipes, and
two facility management companies.
For additional information contact:
OCI Investor Relations Department: For additional information on OCI:
Hassan Badrawi Orascom Construction Industries (OCI)
Director Nile City Towers - South Tower
2005A Corniche El Nil
Omar Darwazah Cairo, Egypt
Email: omar.darwazah@orascomci.com www.orascomci.com
Ahmed Sultan
Email: ahmed.sultan@orascomci.com OCI stock symbols:
OCIC.CA / ORCI EY / OCICqL / ORSD
Tel: +202 2461 1039/1036/0727/0914
Fax: +202 2461 9409
This information is provided by RNS
The company news service from the London Stock Exchange
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