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

December 12, 2011 11:31 ET

OCI JV Awarded US$ 300 Million Assiut Barrage

Cairo--(Marketwire - Dec 12, 2011) -

Cairo, Egypt / 12 December, 2011 6:00 PM

OCI-VINCI-Arab Contractors Joint Venture Awarded US$ 300 Million Civil
Works Package for the New Barrage and 32 MW Hydropower Plant in Assiut,

Orascom Construction Industries (OCI) announced today that a joint
venture comprising of OCI, VINCI, and Arab Contractors has been awarded
the civil works package worth US$ 300 million (EGP 1.8 billion) for the
new barrage and 32 Megawatt (MW) hydropower plant in Assiut, Egypt.
OCI's share of the contract is US$ 100 million (EGP 600 million).

The new barrage will be built 400 metres downstream of an existing
barrage and includes a sluiceway with eight 17-meter-wide radial gates,
a hydropower plant with four 8 MW turbine-generators, a double-chamber
ship lock of 120- by 17-meter chamber size, a road bridge, an
11-meter-tall embankment dam, and rehabilitation or replacement of the
Ibrahimia canal head regulator. A section of the Nile River will also
be deepened in order to mitigate any potential increase in groundwater
levels in Assiut city and neighboring areas.

The project was awarded by the Reservoirs and Grand Barrages Sector
(RGBS) of the Egyptian Ministry of Water Resources and Irrigation, and
is partially funded by Germany's Kreditanstalt fur Wiederaufbau (KfW),
the government-owned development bank. The project is scheduled for
completion in 2017.

The Assiut barrage and hydroelectric power plant is OCI's second
project with the RGBS and KfW, with whom OCI and VINCI previously
collaborated on the Naga Hammadi hydroelectric barrage in Egypt
completed in 2008. This award builds on OCI's successful relationship
with VINCI, with whom the company has partnered on several megaprojects
in Egypt, including the Cairo Metro expansion. OCI is expanding the
relationship to pursue several infrastructure opportunities in select
African markets, further emphasizing OCI's leadership in the
infrastructure and power sectors in the region.

OCI Construction Group Chief Operating Officer, Osama Bishai,
commented, "the Assiut barrage and hydropower plant project is OCI's
second hydroelectric project and third in renewable energy following
the completion of the Kuraymat 62 MW Solar Combined Cycle Power Plant
in Egypt earlier this year. OCI's growing track record in renewable
energy cements our position as a leading regional player in this
burgeoning sector. We are developing our clean energy competencies
further and are currently pursuing the 1,000 MW Gulf of Suez wind farm
which is being tendered by the Egyptian Electricity Transmission
Company (EETC)."

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  
                            For additional information on OCI:
OCI Investor Relations
Omar Darwazah               OCI stock symbols: OCIC.CA / OCIC EY /
                            OCICqL / ORSD / ORSCY

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

Hassan Badrawi

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

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