Orascom Construction secures EP207 million in new contracts
Egypt’s Orascom Construction Industries’ (OCI) joint venture with the Belgian Besix has been awarded a 157 million Egyptian pound ($21 million) contract for the jetty and marine works on the Spanish Union Electric Fenosa’s Liquefied Natural Gas (LNG) sea terminal in Damietta. The civil work on the new Damietta LNG sea terminal is expected to be completed with in 14 months’ time.
Since September 2001, OCI has been awarded $24 million in civil works on the Damietta plant, including civil work on the LNG storage tanks, piling works on the liquefaction plant and general utilities. There are currently two LNG projects underway in Egypt and OCI intends to target other LNG projects in the region as well, according to a company press release.
OCI has also secured a EP50-million contract for the construction of electrical, mechanical and finishing works on a new call center and Information Technology (IT) headquarters for the Smart Village Company located on the Cairo-Alexandria Desert Road. This follows a EP15.4-million contract, awarded last quarter, for civil work on the same project, bringing total work awarded on the Smart Village to EP65.4 million.
OCI focuses on three high growth business activities construction, building materials manufacturing and infrastructure development. The Construction Group provides engineering, procurement and construction services on industrial, commercial, infrastructure, and railway projects.
The Building Materials Group invests in manufacturers of basic and specialized products for contractors and industrial users, such as cement and paints. The Infrastructure Group invests in long-term development projects including industrial parks, natural gas distribution systems, and port operations. — (menareport.com)
© 2002 Mena Report (www.menareport.com)