03 July, 2017
Orascom Construction Limited (NASDAQ Dubai: OC; EGX: ORAS) announces that it has signed a contract to build a steam turbine power plant with a capacity of 650 MW in Walideya, Egypt for a total value of approximately USD 100 million.
Orascom’s scope encompasses the full civil work of the power plant. In addition, the project’s proximity to Orascom’s existing power project in Assiut will facilitate efficient mobilization to site.
This new contract emphasizes the Group’s position as a leading player in the power construction sector. Orascom is currently building power plants with a total capacity of 11,000 MW, including the two largest gas-fired combined cycle power plants in the world. Furthermore, Orascom continues to demonstrate its ability to set new global benchmarks in the fast-track execution of power projects, positioning the Group well for new opportunities in Egypt and the region.