Cairo, Dec. 30, 2004 (PRIMEZONE) -- Nile City Towers - South Tower Corniche El Nil Cairo - Egypt Phone 20-2-461-1111 Fax 20-2-461-9400 Web www.orascomci.com
OCI Awarded New Construction Contract
OCI/BESIX consortium receives LE 283 million contract for the construction of a new power plant in Egypt
Cairo, Egypt - 29 December 2004: Orascom Construction Industries (stock symbols: OCIC.CA / ORCI EY / OCICq.L / ORSD LI) announced that an OCI / BESIX Group consortium was awarded a LE 283 million (EUR 13.3 million + LE 170 million) contract for the construction of the new 750 MW Talkha power plant in Egypt. The contract signing took place earlier today attended by the Egyptian Minister of Electricity and OCI's Chairman of the Board of Directors. The consortium's scope of work includes all civil works for the new plant. OCI continues to build on its track record in construction of power generation facilities and has performed various construction work on numerous power projects including the two 650 MW Electricite de France (EDF) Suez Gulf and East Port Said power plants in Egypt, the 1,000 MW Az-zour power plant in Kuwait, and more than 20 electricity substations in Egypt, Algeria and several other regional markets. OCI has also just completed construction work on the new 2x 750 MW Nubareya power station in Egypt.
OCI Chief Executive Officer, Nassef Sawiris commented "this new award reaffirms OCI's leadership in this field of construction. The Government has announced its plans to add 12,000 MW of new electricity generation capacity by 2,010 in order to cope with the high increase in demand. OCI is well positioned to contribute to the construction of this new capacity having already accumulated significant expertise both domestically and regionally. We continue to have a positive outlook on the Egyptian construction market in 2005."
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