Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) announces that its consortium with Metito and MOWAH has signed a Sewage Treatment Agreement (STA) with the Water & Electricity Company (WEC) for Dammam West Independent Sewage Treatment Plant (ISTP) in Saudi Arabia.
This STA signature marks the start of the required steps towards conclusion of all documentation, contracts and agreements to achieve financial close for the project.
The project will be executed on a Build-Own-Operate-Transfer (BOOT) basis and will have an initial capacity of 200,000 m3/day, expandable to 350,000 m3/day. Orascom Construction will take the lead on the Engineering, Procurement and Construction (EPC) of the project.
Osama Bishai, CEO of Orascom Construction, commented, “This project is a continuation of our efforts to build a solid portfolio of water-related construction projects similar to what we have achieved in power generation.”