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DrakeScull International signs AED 2.2 Billion agreement for the Tahrir Petrochemical Corporation Project in Egypt  Join our daily free Newsletter

MENAFN Press - 13/05/2014
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(MENAFN Press) [UAE, May 13, 2014] - Drake & Scull International, a regional market leader in the integrated design, engineering and construction disciplines of General Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Rail, and Oil and Gas, has recently signed an agreement with Egypt-based company Carbon Holdings as part of the Tahrir Petrochemical Corporation ("TPC") Project development located at the entrance of the Suez Canal in Ain Sokhna, Egypt.

Under the terms of the agreement DSI will exclusively join the international consortium of companies comprising Maire Tecnimont S.p.A., a leading world conglomerate in Engineering & Construction, Technology & Licensing and Energy and Ventures and Archirodon Group, a large diversified international contracting organization to collaboratively undertake the Engineering, Procurement, Construction and Commissioning (EPCC) activities related to the Utilities and Offsite Facilities of the project.

The scope of work for DSI will encompass the complete OSBL construction works and civil works, including storage facilities and ancillary buildings for an approximate contract value of AED 2.2 billion.

Egypt's Carbon Holdings is aiming to commence construction of its 5bn-plus TPC Project in 2015.

TPC is seeking to secure in excess of 3.4bn of funding and loan guarantees from the Export-Import Bank of the United States, The Export-Import Bank of Korea, the Korea Insurance Corporation and the Italian Export Credit Agency, SACE. The megaproject which includes Egypt's first naphtha cracker will create in excess of 20,000 jobs during the construction phase, Carbon Holdings said.

Once complete, the project will comprise a 4 million tonne-a-year (t/y) naphtha crcker and related downstream facilities with the capacity to produce 1.4 million t/y polyethylene, 900,000 t/y propylene, 250,000 t/y butadiene, 350,000 t/y benzene and 100,000 t/y hexene-1.


In December last year TPC signed the EPC contract for the ISBL with Linde and SK ENC.

Carbon Holdings anticipates the Project will be a driving force for other petrochemical and downstream projects in Egypt and could create up to 100,000 direct and indirect jobs in related industries.

Commenting on the award, Khaldoun Tabari, CEO of Drake & Scull International, said: "DSI is pleased to be part of this international consortium delivering this vital project which will transform Egypt's petrochemical sector. Egypt is our key market in North Africa and the project will enable us to further strengthen our position in the country where we already have a significant presence across the Oil & Gas, Waste Water and Water treatment and Hospitality sectors."

DSI continues to enhance and strengthen its services offering with unmatched vertical integration and global footprint. The collaborative capabilities of the Engineering services (MEP and Water and Power), General Contracting, Oil and Gas, Rail and Infrastructure development continue to deliver strong performance quality work on project sites across MENA, South Asia, and Europe.

Year to date the company was awarded a series of prestigious projects in the UAE, KSA, Kuwait, Algeria, India and Europe for a combined value of AED 1.68 billion. The Tahrir Petrochemical Complex deal takes the total value of DSI's project awards portfolio to AED 3.88 billion as of May 2014 further cementing the company's position as one of the leading multi-discipline construction experts in the region.


About Drake & Scull International
Drake & Scull International PJSC (DSI) is a regional market leader delivering world class quality projects via end to end solutions that provide integrated design, engineering and construction disciplines of General Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Rail and Oil and Gas, through People, Innovation, and Passion.DSI established its first office in Abu Dhabi in 1966, and has since expanded operations to encompass offices in Dubai, Egypt, Kuwait, Libya, Oman, Saudi Arabia, Syria, Qatar, Jordan and India, Thailand, as well as managing projects in Europe and other parts of North Africa.DSI 's main business streams include Drake & Scull Engineering, which serves as the MEP and Water & Power arm, Drake & Scull Construction (DSC), which is the General Civil Contracting unit and Drake and Scull Development, focusing on the Infrastructure sector.In 2008, DSI offered 55% of its shares to the public and the IPO was oversubscribed 101 times. Ernst & Young ranked the IPO among the top 20 global IPOs in 2008. DSI has since then used the funds to integrate, establish and acquire businesses that complement its corporate strategy of expansion into new markets, via organic and inorganic growth.The fully Integrated Management Systems, certified to ISO 9001:2008, ISO 14001:2005 and OSHAS 18001:2007 standards are compliant with leading building, health and safety regulations, as well as sound environmental and energy management procedures.DSI is a leader through experience, and has established a regional leadership position over 48 years of successfully completing the most complex projects on time, within budgets and matching set quality parameters.DSI has completed many prestigious projects in the region for over four decades, and has helped shape the region's skyline from within.

 


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