OCI N.V. announced today that the OCI Construction Group, through its subsidiary Orascom Saudi Limited Company (OSL), has concluded negotiations for the award of infrastructure contracts worth a combined value of SAR 1.6 billion (US$ 420 million).
The projects will be executed at several locations in Saudi Arabia, where the Construction Group is currently executing approximately US$ 790 million worth of work, excluding these new contracts.
OCI Construction Group Chief Operating Officer, Osama Bishai, commented: “These contracts reflect the OCI Construction Group’s on-going commitment to expand our Saudi Arabian operations. We are well positioned to continue to grow our Saudi Arabian backlog by capitalizing on our strong track record in executing large-scale infrastructure projects in Saudi Arabia.”
OCI expects to formally sign the contracts in the coming weeks.
