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: www.orascomci.com Omar Darwazah OCI stock symbols: OCIC.CA / Email: omar.darwazah@orascomci.com OCIC EY /OCICqL / ORSD / ORSCY Erika Wakid Email: erika.wakid@orascomci.com Orascom Construction Industries(OCI) Nile City Towers - South Tower 2005A Corniche El Nil Hassan Badrawi Cairo, Egypt Director Tel: +202 2461 1036/0727/0917 Fax: +202 2461 9409 This information is provided by RNS The company news service from the London Stock Exchange END
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