Cairo, Egypt / May 15, 2008, 10:00 AM
OCI Comments on Recent Resolutions by the Egyptian People's Assembly
Orascom Construction Industries (OCI) confirmed today that the recent
resolutions adopted by the People's Assembly in connection
with companies registered in various investment free zones shall have
the following impact on OCI's fertilizer businesses:
1)Egyptian Fertilizer Company (EFC) and Egypt Basic Industries
Corporation (EBIC) will have their tax-free zone status removed and
will start to pay a corporate income tax of 20% as of May 5th 2008.
2)The People's Assembly's decision to increase the price of natural
gas for energy-intensive industries will not have an impact on the
aforementioned plants' existing natural gas contracts which
constitute long-term gas sales agreements with prescribed gas
volumes and price formulas. Senior cabinet members in the Egyptian
Government have confirmed yesterday that all existing contractual
agreements related to natural gas supply will be honored. Thus,
OCI has been assured that existing gas contracts for its
subsidiaries will be honored.
For additional information contact:
OCI Investor Relations Department: For additional information on OCI:
Omar Darwazah Orascom Construction Industries
Email: omar.darwazah@orascomci.com (OCI)
Nile City Towers - South Tower
2005A Corniche El Nil
Cairo, Egypt
Ahmed Sultan
Email: ahmed.sultan@orascomci.com www.orascomci.com
Tel: +202 2461 1039/1036/0727/0914
Fax: +202 2461 9409
OCI stock symbols: OCIC.CA / ORCI
EY / OCICqL / ORSD
This information is provided by RNS
The company news service from the London Stock Exchange
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