OCI Receives Skikda LNG Work in Algeria
June 24, 2008
Cairo, Egypt / June 24, 2008 OCI Receives New Construction Awards for the Skikda LNG Project in Algeria Orascom Construction Industries ("OCI") confirmed that it has been awarded two construction contracts by Kellogg, Brown & Root International Inc. ("KBR") for the civil works and piling installation of the new LNG train in Skikda, Algeria being developed by Sonatrach. These contracts represent some of the first packages of the USUSD 3 billion Skikda LNG program in Algeria. Sonatrach is the national oil & gas company of Algeria, wholly owned by the government. It is one of the world's largest exporters of natural gas in its various forms and is Africa's largest oil & gas company. The civil works construction contract for the LNG train is expected to be complete in approximately 14 months. The OCI/Trevi SpA joint venture is responsible for the execution of the piling and installation works expected to be complete in approximately 10 months. As part of the Q1 2008 results, OCI reported a record consolidated backlog of USUSD 6.8 billion as at 31 March. OCI Construction Group Managing Director, Osama Bishai commented "we are pleased to participate in the LNG expansion program in Algeria for KBR. The contracts are in continuation of the successful work performed by OCI for KBR on the EBIC Ammonia plant and the Damietta LNG facility in Egypt. The receipt of these contracts further bolsters our successful repeat business with KBR and ensures future cooperation on the projects in the region. These awards are a result of OCI's significant presence as a construction contractor in Algeria over the past several years and OCI shall continue to pursue opportunities in the oil & gas sector where it has developed significant core competencies." For additional information contact: For additional information on OCI: OCI Investor Relations Department: Orascom Construction Industries (OCI) Investor.firstname.lastname@example.org Nile City Towers - South Tower 2005A Corniche El Nil Omar Darwazah Cairo, Egypt Email: email@example.com www.orascomci.com Ahmed Sultan Email: firstname.lastname@example.org OCI stock symbols: OCIC.CA / ORCI Tel: +202 24611036/0727/0914 EY / OCICqL / ORSD Fax: +202 2461 9409 This information is provided by RNS The company news service from the London Stock Exchange END
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SOURCE: Orascom Construction Inds, S.A.E.