Tuesday, Aug 05, 2008
(This story was originally published on Monday.)
CAIRO (Dow Jones)--Egypt's Orascom Construction Industries (OCIC.CI) said Monday Besix, a 50% owned subsidiary, was awarded a EUR525 million contract alongside Veolia Water for wastewater plants in the United Arab Emirates.
Besix has a 50% share in the build, own, operate and transfer contract to finance, construct and operate two new wastewater plants in Abu Dhabi and Al Ain, a statement by OCI said.
The contract was signed with the Abu Dhabi Water and Electricity Authority for a period of 25 years of which 2 years and six months will be required for the construction of the plants.
Besix will have a 33% participation in the operation and maintenance of the plants for a period of 22 years and six months.
The Abu Dhabi plant will have a capacity of 300,000 cubic meters while Al Ain will have 130,000 cubic meters, according to the statement.
The plants will provide complete treatment of the water for use in irrigation and for green zones in both cities.
The project is the second contract of its kind to be awarded to Besix in the U.A.E. after a EUR429 million deal was signed with Ajman in 2006.
-By Maha El Dahan, contributing to Dow Jones Newswires, +20122267850, mahaeldahan@yahoo.com
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(END) Dow Jones Newswires
05-08-08 0435GMT
