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

October 31, 2011 10:15 ET

OCI Awarded EGP 700 million in Egypt

CAIRO, EGYPT--(Marketwire - Oct 31, 2011) -

                                Cairo, Egypt / 31 October, 2011 2:30 PM

OCI Awarded EGP 700 million Civil, Electromechanical and Erection Works
Package for the KIMA Fertilizer Complex in Egypt

Orascom Construction Industries (OCI) announced today that it has
signed a construction contract with Maire Tecnimont SpA (Tecnimont) to
execute civil, electromechanical and erection works for Egyptian
Chemical Industries Company's (KIMA) nitrogen-based fertilizer complex
in Aswan, Egypt. OCI will also supply the structural steel, painting
and insulation materials required for the project. The subcontract
works are valued at EGP 700 million or approximately US$ 120 million.
The entire Engineering, Procurement and Construction (EPC) contract is
expected to be complete in 33 months.

The nitrogen-based fertilizer complex will consist of ammonia and urea
production lines as well as a urea granulation unit and all related
utilities and ancillary facilities. Once complete, the complex will
have an annual production capacity of approximately 550 thousand tons
of nitrogen-based fertilizers per year which will help increase
fertilizer production for local consumption.

The EPC and subcontract works will rehabilitate KIMA's existing
facility and replace the existing decades-old fertilizer technology
helping the plant save significant power and become more energy

In March of this year, OCI and Tecnimont announced a 50/50 partnership
mandated to explore potential fertilizer opportunities in sub-Saharan
Africa. The companies are also currently collaborating on the Borouge 3
Polyolefin Units and Utilities & off-site facilities in Ruwais, Abu

OCI Construction Group Chief Operating Officer, Osama Bishai,
commented, "over the past decade the Construction Group has developed
core competencies and clear competitive advantages in the petrochemical
sector in the Middle East and North Africa regions. More specifically,
the Group has built an impressive track-record in the fertilizer sphere
and has built north of 50% of the plants in Egypt. We look forward to
building on our strategic partnership with Tecnimont by jointly
exploring further fertilizer opportunities in the future."

About Orascom Construction Industries

OCI is one of Egypt's largest corporations with projects and
investments across Europe, the Middle East and North Africa. The
company directly employs more than 84,000 people and generated US$ 4.9
billion in revenues and US$ 1.1 billion in EBITDA in 2010. OCI
currently has two core business activities. The OCI Fertilizer Group is
a strategic owner and operator of nitrogen fertilizer plants in Egypt,
the Netherlands and Algeria with an international distribution platform
spanning Latin America, the United States, Europe and Africa. These
operations will exceed 7.5 million metric tons of capacity in 2012,
positioning OCI as a top three nitrogen-based fertilizer producer. The
OCI Construction Group is a leading construction contractor active in
emerging markets with a backlog of US$ 5.2 billion as at 30 June 2011.
It primarily focuses on infrastructure projects in Europe, the Middle
East and Africa in addition to industrial and high-end commercial

For additional information on OCI: 

OCI stock symbols: OCIC.CA / OCIC EY / OCICqL / ORSD / ORSCY

Orascom Construction Industries (OCI)
Nile City Towers ? South Tower
2005A Corniche El Nil
Cairo, Egypt

                    This information is provided by RNS
          The company news service from the London Stock Exchange


Contact Information

  • Contacts:
    Email Contact

    For additional information contact:

    OCI Investor Relations Department:

    Omar Darwazah
    Email: Email Contact

    Erika Wakid
    Email: Email Contact

    Hassan Badrawi

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