Egypt’s Orascom signs $100 mln contract for 650 MW power plant in Assiut

Egypt’s Orascom Construction Company (OC) said Monday it has signed a contract worth $100 million to build a steam turbine power plant with a capacity of 650 megawatt in Walideya, Assiut Governorate.

The company is currently executing a number of other power plants with a total capacity of 11,000 MW, including the two largest gas-fired combined cycle power plants in the world, according to a statement to the stock market.

Orascom had earlier posted 21.6 percent growth in its profits to reach $1.1 million during the first quarter of financial year 201/2017.