(Photo courtesy of Orascom)
Orascom Construction Industries (OCI NV) announced early Monday it is holding discussions for possible combinations or transactions, adding that no agreement has been reached yet.
The company said that “there can be no assurance that these discussions will result in a definitive agreement”. The construction company did not provide any details on the nature of those transactions, however, highlighting that it will comment on the matter further when necessary.
In June, Orascom Construction SAE and Siemens announced that they plan to build two combined cycle power plans, each with a 4,800 MW power capacity. The first power plant will be located in Kafr El-Sheikh governorate, while the other will be built in the new capital city. The construction company stated that the contract value of each power plant is €2bn, while its share in the combined contracts amount to €1.6bn.
In November, Orascom announced that it will build a $2.5bn-$3bn coal-fired power plant with UAE-based International Petroleum Investment Company (IPIC), with a time frame for the 2,000 MW-3,000 MW project of approximately four years. The National Bank of Abu Dhabi is leading a consortium of banks in financing the mega project.
