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Monday, 9 July 2018

Orascom Construction grows 2Q2018 backlog, reportedly eyes Iraq power plant opportunity with Siemens

Orascom Construction added USD 650 mn worth of new contracts to its backlog in 2Q2018 from Egypt and the US, the company said yesterday in a statement (pdf). New awards from Egypt amounted to USD 415 mn “across important sectors such as transportation, water, and new urban developments including the Alamein cities. A portion of these projects has commenced under a letter of intent and execution is underway.” The company added USD 235 mn-worth of new projects in the US, “including the Stage 2 extension to the PHX Sky Train guideway and maintenance facility at Phoenix Sky Harbor International Airport in Arizona.”

The news comes as OC and Siemens reportedly intend to begin rebuilding Iraq’s Baiji power plant soon. The project will add 50% to the plant’s generation capacity, bringing it to 1.5 GW from a current 1.0 GW, according to Heidar Noury, Iraq’s commercial attaché in Cairo. The plant was 97% complete in 2014 before it was targeted by Daesh terrorists, Noury tells Al Mal. He added that Orascom is one of a number of Egyptian companies participating in the USD 88 bn Iraqi reconstruction process, listing Elsewedy Electric as being in contract with the Iraqi Power Ministry, as well as Arab Contractors, Petrojet, and Ceramica Cleopatra Group.

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