Cairo--(Marketwire - June 27, 2007) -
NEWS RELEASE
OCI Subsidiary Syrian Cement Company Signs EPC Contract
Syrian Cement Company signs engineering, procurement and construction contract
with F.L.Smidth / OCI consortium for its 3 million tonnes per year greenfield
plant in north Syria
Cairo, Egypt - 27 June 2007: Orascom Construction Industries ("OCI") has
announced that its 75% owned subsidiary Syrian Cement Company* ("SCC") has
signed an Engineering, Procurement and Construction (EPC) contract with a
F.L.Smidth ("FLS") / OCI consortium for a total value of approximately US$ 211
million + EUR 110.6 million, for the 3 million tonnes per year greenfield which
will be located in the north of Syria near the border with Turkey. Kiln firing
is expected to take place within 25 months. The SCC plant will be the ninth
project to be executed by an FLS / OCI EPC consortium in the last seven years.
FLS and OCI have jointly executed projects in Algeria, Libya, Nigeria, Pakistan,
and United Arab Emirates.
OCI has also submitted a formal request to the relevant governmental authorities
for approval of a white cement greenfield production line at the same location
with an annual production capacity of 550,000 tonnes per year. Syria currently
relies on imports for its domestic consumption of white cement.
OCI announced its investment in the Syrian cement market on 2 May 2007 with the
establishment of Syrian Cement Company in partnership with Mr. Ferras Tellas, a
prominent Syrian businessman. The greenfield plant will help alleviate the
growing cement deficit in the domestic market which currently imports in excess
of 30% of the total cement consumed. The plant site is situated approximately 30
km south of the Turkish border and 500 km north of Damascus.
As a cement producer, OCI owns and operates cement plants in Egypt, Algeria,
Turkey, Pakistan, northern Iraq, and Spain which have a combined annual
production capacity of 21 million tonnes. Our new investments in northern Iraq,
Turkey, Nigeria, Algeria, the United Arab Emirates, Saudi Arabia and Syria will
increase our annual production capacity to 39 million tonnes.
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* See press release dated 2 May 2007
For additional information CONTACT:
Investor Relations Department:
Hassan H. Badrawi
Email: hassan.badrawi@orascomci.com
Omar Darwazah
Email: omar.darwazah@orascomci.com
Tel: +202 2461 1039/1036
Fax: +202 2461 9409
Orascom Construction Industries
Orascom Construction Industries (OCI) is a leading cement producer and
construction contractor active in emerging markets. Based in Cairo, we employ
more than 40,000 people in over 20 countries. Working together with our
employees, business partners and customers, we are helping to build the future
in developing countries around the world.
As a cement producer, we own and operate cement plants in Egypt, Algeria,
Turkey, Pakistan, northern Iraq, and Spain which have a combined annual
production capacity approaching 21 million tonnes. Our new investments in
northern Iraq, Turkey, Nigeria, Algeria, the United Arab Emirates, Saudi Arabia
and Syria will increase our annual production capacity to 39 million tonnes. Our
Cement Group exports from Egypt and Algeria to customers in more than 30
countries including the USA, Europe, Africa and the Middle East. We produce and
distribute aggregates and ready-mix concrete in Spain, Egypt and Algeria. We
also manufacture cement bags in Egypt and Algeria.
As a contractor, we provide engineering procurement and construction services on
large, complex and demanding industrial, commercial, water/sewage,
transportation, telecommunications, maritime, tourism and railway projects for
private and public customers principally in the Middle East, Africa and Central
Asia. Our Construction Group is active in over 100 projects in more than 20
countries. Through partnerships with industry leaders, we also manufacture
fabricated steel products as well as architectural curtain walling and window
systems. As part of our long-term strategy to create a sustainable flow of
construction opportunities, we also have investments in natural gas industries,
including fertilizers and in infrastructure concessions including a port
operator and an industrial park developer.
For additional information on OCI:
www.orascomci.com
Orascom Construction Industries (OCI)
Nile City Towers - South Tower
2005A Corniche El Nil, Cairo, Egypt
Tel: +202 2461 1111, Fax: +202 2461 9400,
OCI stock symbols: OCIC.CA / ORCI EY / OCICqL / ORSD LI
This information is provided by RNS
The company news service from the London Stock Exchange