SOURCE: Orascom Construction Inds, S.A.E.

February 29, 2012 03:08 ET

Iraqi Cabinet Approves $363 M Contract with OCI

Cairo--(Marketwire - Feb 29, 2012) -

                                Cairo, Egypt / 29 February, 2012 8:30 AM

Iraqi Cabinet Approves US$ 363 million Contract with OCI to Build a
1,000 MW Gas Turbine Power Plant in Baiji, Iraq

Orascom Construction Industries (OCI) announced today that the Iraqi
cabinet has approved a US$ 363 million EPC contract with the company to
build a 1,000 MW gas turbine power plant in Baiji, Iraq. Baiji is
located 180 km north of Baghdad and is home to the country's largest
oil refinery. The project is expected to be completed in 21 months.

In light of the strengthening ties between Egypt and Iraq, OCI has made
a strategic decision to target Iraq's infrastructure development
program which has now become a key focus for the Group and Sameh
Muhtadi, Managing Director of Iraq, Kuwait and the Levant, is
spearheading the Group's business development activities in the
country. As part of the expansion strategy, OCI has established a
permanent branch in Baghdad to facilitate pursuit of other major
projects in the country's program specifically in power generation,
water, wastewater, hospital and large-scale oil and gas industries.

OCI's long-term presence in Iraq is expected to create significant job
creation and training for local Iraqi hires as well as create indirect
jobs for Egyptian labor.

OCI Construction Group Chief Operating Officer, Osama Bishai,
commented, "we are excited to work closely with the Iraqi Ministry of
Electricity on the first major power plant in the country. This project
is a testament to our success and track-record in the power generation
sector and will pave the way for further opportunities for the Group as
the country bridges its power deficit. We will continue to capitalize
on our success in Egypt and Algeria and bring the Group's technical
know-how and expertise to the Iraqi market."

About Orascom Construction Industries

OCI is one of Egypt's largest corporations employing more than 84,000
people in 35 countries around the globe. The OCI Fertilizer Group owns
and operates nitrogen fertilizer plants in Egypt, the Netherlands, the
United States, and Algeria and has an international distribution
platform spanning from the Americas to Asia. The OCI Fertilizer Group
ranks among the world's top fertilizer producers with a production
capacity which will exceed 7.0 million metric tons in 2012. The OCI
Construction Group provides international engineering and construction
services primarily on infrastructure, industrial and high-end
commercial projects in Europe, the Middle East and North Africa for
public and private clients. The OCI Construction Group ranks among the
world's top global contractors.

For additional information contact: For additional information on OCI:

OCI Investor Relations Department: 

Omar Darwazah                       OCI stock symbols: OCIC.CA /

Erika Wakid
Email:     Orascom Construction Industries(OCI)
                                    Nile City Towers - South Tower
                                    2005A Corniche El Nil
Hassan Badrawi                      Cairo, Egypt

Tel: +202 2461 1036/0727/0917
Fax: +202 2461 9409

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