Orascom Construction has signed contracts for three industrial projects in Egypt and Algeria worth US$200 million.
The company, whose shares are jointly listed on Nasdaq Dubai and the Egyptian Exchange, said that one of the contracts in Egypt has been awarded to its subsidiary, National Steel Fabrication, to supply all of the structural steel for the West Nile Delta gas development project. The contract is worth $20m.
The other two contracts, worth $180m, are in Algeria. One is for a greenfield cement plant and the other covers infrastructure work for a new industrial project.
Osama Bishai, the chief executive of Orascom Construction, said: “These new construction contracts build on our substantial track record in Algeria that stretches across a number of sectors including power, water desalination, petrochemicals and cement.
“We are also pleased to receive a large order to fabricate and supply the steel structure for an important gas development in Egypt, and look forward to further participating in this sector.”
The West Nile Delta project is a $12 billion scheme for the extraction of five trillion cubic feet of gas and 55 million barrels of condensate.
It is being overseen by the UK-based oil and gas group BP, which increased its stake in the project to 82.75 per cent in December.
It expects the gas production at the site to begin next year. Once under way, BP said it would produce about 1.2 billion cubic feet per day, equivalent to 25 per cent of Egypt’s total gas production.
Orascom Construction has yet to file full-year accounts for last year but in the first nine months it reported revenue of $3bn, a 40 per cent rise on the $2.2bn in the first nine months of 2014, when the business was part of Dutch-listed OCI NV. Net income was $64.3m.
The group reported a backlog of $8.4bn , but the total amount of new awards was almost 11 per cent lower than a year eartlier, at $4.6bn.
mfahy@thenational.ae
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