Orascom Construction and IPIC Sign Memorandum of Understanding with Egyptian Government for the Exclusive Assignment of a Project Site12 November 2014
Orascom Construction, the Engineering & Construction Group wholly owned by OCI N.V. (NYSE Euronext: OCI), and the International Petroleum Investment Company (IPIC), today signed a Memorandum of Understanding (MoU) with the Egyptian government for the cooperation in the development of a 2,000 – 3,000 Megawatt (MW) coal-fired power plant in Egypt.
The MoU gives the Orascom Construction: IPIC consortium exclusivity on the site location for a period of 18 months and allows the consortium to conduct and finalize all relevant project studies, an important step in executing the project. The project’s site is in the vicinity of El Hamarawein port on the Red Sea coast.
The signing ceremony was attended by the Egyptian Prime Minister his Excellency Mr. Ibrahim Mahlab, the Minister of Electricity his Excellency Dr. Mohamed Shaker, IPIC’s Director of Investments Mr. Mohamed Al Mehairi, and Orascom Construction’s Chief Executive Officer, Osama Bishai.
The consortium will announce further details in due course.
Established by Emiri decree in 1984, IPIC is a long-term investor in overseas energy and energy-related assets and undertakes strategic projects on behalf of its shareholder the Government of the Emirate of Abu Dhabi.
About OCI N.V.:
OCI N.V. is a global producer of natural gas-based fertilizers & industrial chemicals and an engineering & construction contractor based in the Netherlands. The Fertilizer & Chemicals Group produces nitrogen fertilizers, methanol and other natural gas based products, serving agricultural and industrial customers from the Americas to Asia. We rank among the world's largest nitrogen fertilizer producers with current production capacity of nearly 7 million metric tons in the Netherlands, the United States, Egypt and Algeria. The Engineering & Construction Group provides international engineering and construction services primarily focused on infrastructure, industrial and high-end commercial projects in the United States, Europe, the Middle East, North Africa and Central Asia for public and private clients. It ranks among the world’s top global contractors. OCI N.V. employs approximately 55,000 people in 35 countries and is listed on Euronext in Amsterdam.