The Most Important Projects of Orascom Construction Industries
Orascom Construction Industries (OCI) is one of the largest construction companies and owns many diversified projects in Egypt and the world.
Company Profile
Orascom Construction Industries (OCI), an Egyptian construction company based in Cairo, has construction projects in more than 25 countries worldwide.
The company was founded in 1950 and is owned by businessman Onsi Sawiris. It is considered the first Egyptian multinational corporation and is a member of the Orascom Group. It is also one of the largest contracting companies in the Arab world.
Orascom Construction Industries Activities
The company has production units in several countries, mainly Egypt, Algeria, Turkey, and Spain. The company’s revenues in 2006 amounted to approximately $ 2,000,000,000.
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In September 2012, Orascom Holding announced that it was seeking to acquire White Construction Company, a general contractor company based in Des Moines, Iowa, USA, and said that its wholly-owned subsidiary, Iowa Fertilizer Company, had granted the construction sector a contract for engineering, procurement and construction works for the construction of the new nitrogen fertilizer plant in Southeast Iowa, USA.
It also announced that Iowa Fertilizer Company will set up a new nitrogen fertilizer plant in southeast Iowa for expansion in North America to provide farmers in the most important agricultural areas in the United States of America with fertilizers.
The company employs about 40,000 employees and its chief executive is Nassif Sawiris. The Sawiris family (Onsi, Nassif, and Samih) owns 60% of the company’s capital and has been listed since 1999 on the Cairo and Alexandria Stock Exchange markets. In 2010, the Economist has reported that the company’s income is $ 3.8 billion and that about 80 percent of that income had been acquired from outside Egypt, part of it through contractions for the US Air Force.
Stages of Development of the Group
2004 – Distributed the nominal value of the share from 10 pounds to 50 pounds and the number of shares issued became 190.57 million shares instead of 95.29 million shares.
2008 – Increased the issued and paid-in capital to EGP 1073.85 million distributed over 214.77 million shares at a nominal value of LE 5 per share through the issuance of 12.77 million ordinary shares.
11 November 2010 – The capital was increased to LE 1044.7 million by issuing bonus shares.
In January 2013, US investors announced their pledge to spend $ 1 billion to buy a stake in O.C.I.N.V., a subsidiary of Orascom Construction. This came after the company made a trading offer to acquire all the GDRs traded for the parent company Orascom Construction Industries (OCI) in exchange for ordinary shares in OCINV.
It is worth noting that Orascom Construction Industries (OCI) is providing construction services to several power plants in Egypt, including Kureimat Power Station, El Tebeen Power Station, Sidi Krir and Talkha Power Stations at 750kW capacity. It also includes the newly announced Sidi Krir Power Plant.
The total power generation capacity of these stations is 3562 Megawatt. It’s worth noting that Naga Hammadi Power Plant has been completed.
In Algeria, Orascom Construction and Industries, together with Alstom the French company, are building the new 1200-megawatt Terga Power station, which operates a combined cycle system for the Algerian Electricity Company (Sonelgaz) with a capacity of 1200 MW. The total value of construction contracts for the construction of the aforementioned power stations is $ 1.7 billion.
In addition, Orascom Construction Industries has recently signed a cooperation agreement with Japan’s Babcock Hitachi (BHK) to collaborate on the design, manufacture, and installation of Super Critical Boilers in Egypt’s power plant projects with the expectation of future expansion in North Africa and the Middle East.
The Most Important Projects of Orascom Construction Industries
On March 16th, 2015, the Consortium, together with Egypt’s Orascom and IPIC, announced that it was seeking to borrow $ 1.95 billion to finance a $ 3 billion coal power plant with a capacity of 3,000 MW in Hamrawein Port North of El-Quseir City on the Red Sea coast. The money will be borrowed from a group of Egyptian and Gulf banks, including the National Bank of Abu Dhabi and the National Bank of Egypt.
Solar Power Plant and Desalination in Burj Al Arab
The project is divided into an integrated solar power station and a desalination plant serving 1,000 people. The European Union is the main financier of the project in partnership with a group of 11 companies and institutions from Italy, Egypt, France, Germany, and the United Kingdom. Orascom Construction participated in financing the project and setting up the station.
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The company believes the pilot station is a platform for expanding technology and transforming the project into an integrated research and development center for renewable energy.
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The project highlights Orascom Construction’s commitment to the development of the renewable energy sector in Egypt. In 2008, Orascom established and installed the first concentrated solar power plant for a Parabolic trough system in the Kureimat area of Egypt. It is currently developing a 250-megawatt wind power plant based on the first BOO construction and operation in Egypt.
Abu Rawash Sewage Treatment Plant
With a total value of $ 320,000,000, the plant will operate at 1,600,000 cubic meters per day serving 6 million people and consisting of secondary primary processing units. It is scheduled to be completed in phases for a period of 37 months and includes contract operation and maintenance for 3 years.
For more information about different construction projects in Egypt and the list of prices in different places, you may check Aqarmap’s Prices Guide.