Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

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
No. of Ratings : 0
Add to Mixx!



(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 cracker 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.

 


MENAFN Press




  MENA News Headlines
 Dec 19 2014 - Int'l community responsible for protecting Palestinians: KuwaitArab Times
(MENAFN - Arab Times) GENEVA Dec 18 (KUNA): Kuwait's permanent delegate to the UN agencies in Geneva Ambassador Jamal Al-Ghunaim said Wednesday the international community needs to shoulder its legal ...

 Dec 19 2014 - Kuwait- Early diagnosis key to defeat breast cancerArab Times
(MENAFN - Arab Times) KUWAIT CITY Dec 18 (KUNA): Sheikha Hessa Saad Al- Abdullah Al-Sabah on Wednesday highlighted the importance of early detection in curbing the growth of various forms of cancer. ...

 Dec 19 2014 - Saudi- Host Maskan beats Nesma Inaya edges out Gilas 90-88Arab News
(MENAFN - Arab News) Host team Maskan Arabia Co. brought down Nesma 105-92 while Inaya Medical College edged out S. Gilas 90-88 in the seventh week action in the 2nd Maskan Arabia Invitational ...

 Dec 19 2014 - Saudi- Faisaliah Team A and Courtyard Marriott triumph in Inter-Hotels Cricket eventArab News
(MENAFN - Arab News) Al Faisaliah Team A won its match against Riyadh Marriott while Al Faisaliah-Al Khozama combined Team B went down in defeat to Courtyard Marriott during Friday's matches in the ...

 Dec 19 2014 - Mathy powers to victory in Riyadh Wheelers 60km road raceArab News
(MENAFN - Arab News) A new course used for the first time brought general approval from the 60 riders who signed on for the Riyadh Wheelers 60km road race and with no wind to bother the competitors ...

 Dec 19 2014 - SCTC ABTC-Taif ladies clash in finals Saudia Catering JRTC in ALBAIK Tennis semifinalsArab News
(MENAFN - Arab News) SCTC and ABTC-Taif will dispute the Ladies Division HMX category finals after a grueling double round-robin while in the Men's Division LMX category four teams advanced to the ...

 Dec 19 2014 - Saudi- Hyundai Castrol takes third in 4th MYN 2014 JBL-Lifestylez tourneyArab News
(MENAFN - Arab News) Hyundai Castrol of Dennis Elmenzo beat Fuddruckers 72-53 to claim the third place in the 4th MYN Division at the Ahmed Mohammed Abdul Wahab Naghi Sports Complex in Ash Shati ...

 Dec 19 2014 - Saudi- Natco Desert Warriors win in JCA Money Gram CKB-T20Arab News
(MENAFN - Arab News) The Money Gram-sponsored Cricket Ke Badshah T20 Tournament for the year 2015 under the auspices of Saudi Cricket Center (SCC) took off to a rousing start with 28 teams entered in ...

 Dec 19 2014 - UN seeks 8.4bn to help Syrian victimsArab News
(MENAFN - Arab News) BERLIN: The UN appealed Thursday for $8.4 billion to provide emergency aid and longer-term help to nearly 18 million people in Syria and across the region hit by the drawn-out ...

 Dec 19 2014 - Saudi- Nigeria sentences 54 soldiers to deathArab News
(MENAFN - Arab News) ABUJA Nigeria: Nigeria has sentenced 54 soldiers to death for mutiny assault cowardice and refusing to fight extremists.The court-martial charges all were connected to the ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help