CAIRO, EGYPT--(Marketwire - Jul 6, 2011) -
Cairo, Egypt / 6 July, 2011 10:15 AM OCI Awarded US$ 450 Million Worth of Infrastructure Work in Saudi Arabia Orascom Construction Industries (OCI) announced today that its Saudi Arabian incorporated subsidiary, Orascom Saudi Limited Company (OSL), was awarded infrastructure work valued at US$ 450 million. OSL's scope of work comprises major civil, mechanical and electrical works including 1.4 million cubic meters of excavation, 2.1 million square meters of roads, walkways, the supply and installation of 146 kilometers of piping for the storm water, waste and potable water systems. Electrical works for the roads include the supply and installation of main substations including 238 kilometers of copper cables and trays. Construction will take 24 months to complete. Orascom Construction Industries Chief Operating Officer, Osama Bishai commented, "this contract marks a major step forward in establishing OCI in Saudi Arabia and positions us for further opportunities in the future. We are confident that 2011 will see significant growth in our Saudi Arabian business." 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 7.0 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$ 5.6 billion as at 31 December 2010. It primarily focuses on infrastructure projects in Europe, the Middle East and Africa in addition to industrial and high-end commercial projects. For additional information contact: For additional information on OCI: OCI Investor Relations Department: www.orascomci.com Omar Darwazah OCI stock symbols: OCIC.CA / Email: mar.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
Contact Information:
Contacts:
RNS
Customer
Services
0044-207797-4400
http://www.rns.com