Orascom bags two contracts for projects in Algeria and Egypt

Orascom bags two contracts for projects in Algeria and Egypt

One of the leading African Global contractor Orascom Constructions Limited (OC) has scooped two major contracts that will be carried in Egypt and Algeria.

The two contracts that are worth $200 million will see the company construct a cement manufacturing plant in Algeria and one of the largest steel plant in Egypt.

In a statement over the weekend the company said that they are currently holding preliminary studies to ensure that they carry out the projects on time according to the agreement with the awarding companies.

Egypt-listed OC will build a cement plant for an unnamed private contractor in Algeria with a daily capacity of 6,000 tonnes as well as construct infrastructures for an industrial complex, both at a value of $180 million.

In Egypt, the company’s subsidiary, National Steel Fabrication (NSF), will manufacture and supply all structural steel for the West Nile Delta gas development project at a value of $20 million.

The building company, which was spun off from OCI NV last year, focuses on infrastructure and industrial projects in MENA and the United States.

Orascom Construction Limited climbed 1.69 percent to EGP 50.7 a share by mid-trading in a session of gains on the Egyptian bourse on Sunday.

This will see the company record its profits as most of its profits are always generated from the contracts that they get awarded.

Last year the company broke a record as they reported profit of $39.8m in the H1 of 2015.
According to the company’s Chief Executive they are looking into recording more profits at the same time deliver quality and above all complete projects on time.

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