CAIRO: Orascom Construction Industries (OCI) announced today that it has signed construction contracts with the Tecnimont SpA/Samsung Engineering Company Ltd. joint venture to execute piling, civil works and buildings valued at US$ 146 million. The joint venture is the EPC contractor for the Abu Dhabi Polymers Company Ltd. (Borouge) – a 60/40 joint venture between the Abu Dhabi National Oil Company (ADNOC) and Austria-based Borealis. The construction works are for the Borouge 3 Polyolefin Units and Utilities & off-site facilities in Ruwais, Abu Dhabi in the United Arab Emirates. OCI will execute all piling works for the project as well as civil and building works related to Borouge's Polyolefin Units. Bechtel Corporation is the Project Management Consultant (PMC). Orascom Construction Industries Chief Executive Officer, Nassef Sawiris commented, “this is an important milestone in our strategic relationship with Tecnimont SpA and we are looking forward to further cooperation in other sectors.” We are also pleased to start a new relationship with Samsung Engineering Company Ltd. This award affirms the Group's goal of expanding its international operations and its continued strategy to pursue projects in Abu Dhabi.” 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 88,000 people, including over 50,000 Egyptians and has generated US$ 3.6 billion in revenues and US$ 769 million in EBITDA during the first 9 months of 2010. OCI currently has two core business activities. OCI Construction Group is a leading construction contractor active in emerging markets with a backlog of US$ 6.0 billion as at 30 September 2010. It primarily focuses on infrastructure projects in Europe, the Middle East and Africa in addition to industrial and high-end commercial projects. 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. BM
