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Orascom Construction wins US$181mn power plant deal

Orascom Construction Industries (OCI) was awarded a US$181mn contract for work on a 1,500 MW combined cycle power plant in Giza.

The latest project was awarded by the Cairo Electricity Production Co. and is expected to be completed in about 32 months, OCI said in an emailed statement.

The company is currently constructing several power plants in Egypt and Algeria with a total power generation capacity of 5,250 MW.

"The construction group continues to target key power projects in its Middle East and North Africa markets as these markets continue to face severe power supply deficits," said Osama Bishai, OCI construction group chief operating officer. "The group has been able to secure sizeable contracts and we believe the power sector in the region will continue to provide great opportunities for OCI."

OCI said last month that the International Finance Corp., the part of the World Bank that lends to the private sector, received approval to provide a US$450mn debt and equity package for the Cairo-based firm that could create more than 2,500 jobs across the region.