Cairo, Egypt / 2 March, 2011 10:00 AM
OCI Awarded Contracts from the Tecnimont SpA/Samsung Engineering
Company Ltd. Joint Venture to Execute Works Valued at a Total of US$
146 million
Orascom Construction Industries (OCI) announced today that it has
signed construction contracts with the Tecnimont SpA/Samsung
Engineering Company Ltd. joint venture to execute piling, civil works
and buildings valued at US$ 146 million.
The joint venture is the EPC contractor for the Abu Dhabi Polymers
Company Ltd. (Borouge) - a 60/40 joint venture between the Abu Dhabi
National Oil Company (ADNOC) and Austria-based Borealis. The
construction works are for the Borouge 3 Polyolefin Units and Utilities
& off-site facilities in Ruwais, Abu Dhabi in the United Arab Emirates.
OCI will execute all piling works for the project as well as civil and
building works related to Borouge's Polyolefin Units. Bechtel
Corporation is the Project Management Consultant (PMC).
Orascom Construction Industries Chief Executive Officer, Nassef Sawiris
commented, "this is an important milestone in our strategic
relationship with Tecnimont SpA and we are looking forward to further
cooperation in other sectors. We are also pleased to start a new
relationship with Samsung Engineering Company Ltd. This award affirms
the Group's goal of expanding its international operations and its
continued strategy to pursue projects in Abu Dhabi."
About Orascom Construction Industries
OCI is one of Egypt's largest corporations with projects and
investments across Europe, the Middle East and North Africa. The
company directly employs more than 88,000 people, including over 50,000
Egyptians and has generated US$ 3.6 billion in revenues and US$ 769
million in EBITDA during the first 9 months of 2010. OCI currently has
two core business activities. The OCI Construction Group is a leading
construction contractor active in emerging markets with a backlog of
US$ 6.0 billion as at 30 September 2010. It primarily focuses on
infrastructure projects in Europe, the Middle East and Africa in
addition to industrial and high-end commercial projects. The OCI
Fertilizer Group is a strategic owner and operator of nitrogen
fertilizer plants in Egypt, the Netherlands and Algeria with an
international distribution platform spanning Latin America, the United
States, Europe and Africa.
For additional information contact:
For additional information on OCI:
OCI Investor Relations Department: www.orascomci.com
Omar Darwazah OCI stock symbols: OCIC.CA / OCIC
Email:omar.darwazah@orascomci.com EY /OCICqL / ORSD / ORSCY
Orascom Construction Industries
(OCI)
Erika Wakid
Email:erika.wakid@orascomci.com Nile City Towers - South Tower
2005A Corniche El Nil
Hassan Badrawi Cairo, Egypt
Director
Tel: +202 2461 1036/0727/0917
Fax: +202 2461 9409
This information is provided by RNS
The company news service from the London Stock Exchange
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