Cairo--(Marketwire - October 9, 2007) -
NEWS RELEASE
OCI Awarded US$ 89 million in New Contracts in Algeria
OCI is awarded new construction contracts from the Algerian Ministry of Housing
to build new educational facilities and a contract to expand a tobacco factory
from Societe des Tabacs Algero-Emiratie (STAEM)
Cairo, Egypt - 9 October 2007: Orascom Construction Industries (OCI) has
announced that its fully owned construction subsidiary OCI Algeria (OCIA) has
been awarded two contracts from the Algerian Ministry of Housing to build the
campus for the French international school and for a new law school. OCIA has
also been awarded a contract to expand an existing tobacco factory in Algeria by
STAEM, an Algerian-UAE tobacco company.
The contract for the new law school campus has a total value of US$ 47 million.
The law school to be located in the capital city Algiers will have a capacity of
10,000 'student seats'. The project is expected to be completed during Q3 2009.
The scope of works includes design and execution of all civil works and
installation of campus infrastructure.
The contract for the new French international s is valued at US$ 18.4 million.
The new school will also be located in the capital city of Algiers. The project
is expected to be completed during Q4 2008. The contract has also been awarded
to OCI Algeria on a turnkey basis including all civil works and the
infrastructure for campus-wide audio-visual technology.
The third contract awarded by STAEM to expand their existing tobacco factory
located in Koleaa, 30 km from Algiers, is valued at US$ 21 million. The project
is expected to be completed during Q4 2008. OCI's scope of work includes all the
civil, mechanical and electrical work.
OCI Construction Group Managing Director, Osama Bishai commented "our
construction subsidiary in Algeria is benefiting from the operational
infrastructure we have built over the last eight years which includes a
workforce of 5,000 Algerians and Egyptians, and includes investments in
ready-mix concrete, aggregates and steel fabrication. OCI Algeria is currently
providing construction services on a range of vital infrastructure including
transportation infrastructure, power, sea water desalination, cement and
fertilizer projects."
About OCI Operations in Algeria
Cement
OCI currently owns and operates a cement production plant in central Algeria
through its wholly owned subsidiary Algerian Cement Company (ACC), with an
annual cement production capacity of 5 million tonnes. OCI expects to commission
a greenfield cement production plant through its wholly owned subsidiary Ciments
Blanc d'Algerie (CIBA) in northwest Algeria with an annual cement production
capacity of 2.5 million tonnes of grey cement and 0.55 million tonnes of white
cement during 2007.
Cement Bags
Algerian Bag Company (ABC), a 100% owned subsidiary, ensures a consistent high
quality supply of cement bags to its cement operations in Algeria. The ABC plant
has an annual production capacity of 80 million cement bags.
Ready-Mix Concrete and Aggregates
Through Algerian Concrete Technologies (ACT) and Samba, OCI is Algeria's largest
aggregates and ready-mix concrete producer. ACT owns and operates a fleet of
batch plants and mixer trucks which have a combined annual production capacity
of 1.2 million cubic meters of read-mix concrete. ACT owns and operates
aggregate quarries across Algeria with an annual production capacity of 2.8
million tonnes and reserves exceeding 60 million tonnes.
Construction
OCI's wholly owned construction subsidiary OCI Algeria provides engineering,
procurement and construction services on large and complex projects across
Algeria including a range of transportation (airports, roads and railway),
cement, power, telecommunications, petrochemicals, fertilizer, water and
high-end commercial projects.
-----------------------------------------------------------------------
For additional information CONTACT:
Investor Relations Department:
Hassan H. Badrawi
Email:
hassan.badrawi@orascomci.com
Omar Darwazah
Email:
omar.darwazah@orascomci.com
Tel: +202 2461 1039/1036/0727
Fax: +202 2461 9409
Orascom Construction Industries
Orascom Construction Industries (OCI) is a leading cement producer and
construction contractor active in emerging markets. Based in Cairo, we employ
more than 40,000 people in over 20 countries. Working together with our
employees, business partners and customers, we are helping to build the future
in developing countries around the world.
As a cement producer, we own and operate cement plants in Egypt, Algeria,
Turkey, Pakistan, northern Iraq, and Spain which have a combined annual
production capacity approaching 21 million tonnes. Our new investments in
northern Iraq, Turkey, Nigeria, Algeria, the United Arab Emirates, Saudi Arabia,
Syria, DPRK and South Africa will increase our annual production capacity to 44
million tonnes. Our Cement Group exports from Egypt and Algeria to customers in
more than 30 countries including the USA, Europe, Africa and the Middle East. We
produce and distribute aggregates and ready-mix concrete in Spain, Egypt and
Algeria. We also manufacture cement bags in Egypt and Algeria.
As a contractor, we provide engineering procurement and construction services on
large, complex and demanding industrial, commercial, water/sewage,
transportation, telecommunications, maritime, tourism and railway projects for
private and public customers principally in the Middle East, Africa and Central
Asia. Our Construction Group is active in over 100 projects in more than 20
countries. Through partnerships with industry leaders, we also manufacture
fabricated steel products as well as architectural curtain walling and window
systems. As part of our long-term strategy to create a sustainable flow of
construction opportunities, we also have investments in natural gas industries,
including fertilizers and in infrastructure concessions including a port
operator and an industrial park developer.
For additional information on OCI:
www.orascomci.com
Orascom Construction Industries (OCI)
Nile City Towers - South Tower
2005A Corniche El Nil, Cairo, Egypt
Tel: +202 2461 1111, Fax: +202 2461 9400,
OCI stock symbols: OCIC.CA / ORCI EY / OCICqL / ORSD LI
This information is provided by RNS
The company news service from the London Stock Exchange