SOURCE: Orascom Construction Inds, S.A.E.
November 18, 2009 10:53 ET
CAIRO, EGYPT--(Marketwire - November 18, 2009) - OCI Fertilizer Group Signs Agreement for the
Establishment of a Joint
Venture with FITCO in Brazil for Fertilizer Trade distribution
Orascom Construction Industries (OCI) and FITCO International S.A.
have decided to expand their existing strategic alliance by
establishing a joint venture in Brazil to trade and distribute
fertilizer products supplied by the OCI Fertilizer Group.
FITCO is one of the leading fertilizer trading companies with a strong
market position in the Brazilian market and has a growing presence in
several South American markets. In March 2009, OCI and FITCO signed an
agreement for the supply and import of urea into Brazil. Year to-date,
OCI and FITCO have supplied a substantial share of nitrogen fertilizer
needs in Brazil. The new joint venture agreement with FITCO is a major
part of the OCI Fertilizer Group's strategy to establish long-term
partnerships with key distributors in strategic import markets and to
implement its direct sales into the Brazilian market.
FITCO Managing Director, Marcelo Simionato, commented: "we believe that
the new joint venture shall provide a platform for further growth in
Brazil and potentially other South American markets. We will continue
to evaluate new opportunities through the newly established joint
venture to better attend our clients in the region."
OCI Chief Executive Officer, Nassef Sawiris commented: "the strategic
alliance agreement announced earlier this year for the supply of
granular urea fertilizer to the Brazilian market has been very
successful. By creating this new jointly owned trade and distribution
business, we have strengthened our partnership with FITCO which will
enable OCI to have a permanent presence in Brazil."
For additional information contact: For additional information on OCI:
OCI Investor Relations Department: www.orascomci.com
Omar Darwazah OCI stock symbols: OCIC.CA / ORCI
Email: firstname.lastname@example.org EY / OCICqL / ORSD
Erika Wakid Orascom Construction Industries
Email: email@example.com (OCI)
Nile City Towers - South Tower
2005A Corniche El Nil
Hassan Badrawi Cairo, Egypt
Tel: +202 2461 1036/0727/0914
Fax: +202 2461 9409 This information is provided by RNS
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