Orascom Construction, the Engineering & Construction Group wholly owned by OCI N.V. (NYSE Euronext: OCI), and the International Petroleum Investment Company (IPIC), today signed a Memorandum of Understanding (MoU) with the Egyptian government formalizing the parties’ cooperation in the development of a 2,000 – 3,000 Megawatt (MW) coal-fired power plant in Egypt.
The MoU gives the Orascom Construction:IPIC consortium exclusivity on a site location in the vicinity of El Hamarawein port on the Red Sea coast for a period of 18 months and allows the consortium to conduct and finalize all relevant project studies, an important step in executing the project.
The signing ceremony was attended by the Egyptian Prime Minister his Excellency Mr. Ibrahim Mahlab, the Minister of Electricity his Excellency Dr. Mohamed Shaker, IPIC’s Director of Investments Mr. Mohamed Al Mehairi, and Orascom Construction’s Chief Executive Officer, Osama Bishai.
The consortium will announce further details in due course.
