FINANCIAL NEWS

Aresco wins $130m contract in Egypt

11 Jul 2010

(MENAFN) ASEC for Manufacturing and Industrial Projects (Aresco) said that it has signed a $130 million contract to construct a new cement plant for the Building Materials Industry Company (BMIC) in the Upper Egyptian governorate of Assiut, Reuters reported.

A turnkey contractor serving the cement, energy, petrochemicals, petroleum and general industrial sectors, Aresco is a subsidiary of ASEC Holding, Citadel Capital?s platform company in the industrial services and contracting sectors.

As per the contract, Aresco will be providing all the civil, electrical and mechanical works for the 1.5 million tons per annum cement plant, which is due to be completed in 22 months.

The company will also carry out all the steel fabrication as well as testing and commissioning for BMIC on a turnkey lump sum basis, said a top official of Citadel Capital, the leading private equity firm in the Middle East and Africa.

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