OCI seals $258m power plant deal

Egypt-based Orascom Construction Industries (OCI) confirmed on Wednesday it has been awarded a $258 million contract by state-owned West Delta Electricity Production Company (WDEPC).

The deal - for civil works on the new 1,300 MW steam-powered power plant in Abu Qir, Alexandria - includes piling, concrete works, the plant’s stack and the procurement, fabrication and erection of steel structures.

OCI Construction Group Managing Director, Osama Bishai, said the company continues to focus on power plant construction as a core business activity and intends expanding its 'footprint' in the Middle East and North Africa region during 2009.

The firm, which targets large industrial and infrastructure projects, also owns and operates National Steel Fabrication Company, one of the largest manufacturers of fabricated steel products in the Middle East. 

It also has investments in manufacturers of glass curtain walling, paints and concrete pipes, as well as two facility management companies.

OCI Construction reported an EBITDA margin of 12.7 percent in Q4 2008, 12.9 percent for FY 2008.

It achieved a record $5.47 billion in new orders in 2008 (up 14.4 per cent over the previous year) and ended the year with a consolidated construction backlog of $6.93 billion.

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