Orascom lands $420m power plant contract

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Orascom lands $420m power plant contract

Orascom Construction (NASDAQ Dubai: OC; EGX: ORAS) announced today that it has signed contracts to convert Assiut and West Damietta power plants in Egypt from simple to combined cycle. OC’s share amounts to approximately USD 420 million. Both power plants will be completed on an EPC + Finance basis whereby OC helps arrange a competitive financing package on behalf of the client.

OC already completed Assiut and West Damietta power plants in record timing in Q3 2015. Both power plants are currently operational and have a combined capacity of 1,500 MW. Converting them into combined cycle is expected to increase capacity by approximately 50% with no additional fuel intake.

This project further solidifies OC’s position as a leading power player in the region. The Group is currently building in Egypt the two largest power plants in the world with a capacity of 4,800 MW each, and in 2015 connected 2,000 MW to Egypt’s national grid at Assiut, West Damietta and 6th of October.

Osama Bishai, CEO of Orascom Construction, commented, “We are proud of our continued leadership in the development of Egypt’s power sector and are pleased to continue working on Assiut and West Damietta power plants following the milestones achieved at both sites. We look forward to further growth of our power business across our core markets as a contractor and a developer.”

Source: www.orascom.com

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.