Egypt OCI: Talks For $376M Power Plant In Iraq Ongoing

Egypt's Orascom Construction Industries (OCIC.CI), the biggest listed builder in the Middle East, said Sunday that negotiations are ongoing for a $376 million contract to build a power plant in Iraq.

"Talks are under way but the contract is not yet final," the company said in a statement posted on the Egyptian bourse website.

Earlier this month, OCI said it has been awarded a $181 million contract for work on a 1,500-megawatt, combined cycle power plant in Giza, while power supply shortfalls in the region should provide the company with more opportunities within the industry. OCI is currently constructing several power plants in Egypt and Algeria with a total power generation capacity of 5,250 megawatts.

The company shares closed 0.01% higher on Sunday at EGP EGP238.95 in a slightly negative market.