Legal Proceedings Report • Feb 5, 2015
Legal Proceedings Report
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OCI N.V. (NYSE Euronext: OCI) announced today that a joint venture between its subsidiary, Orascom Construction Industries S.A.E. (OCI S.A.E.), and Consolidated Contractors International (CCC), has received a favourable final ruling in an arbitration case against Golden Pyramids Plaza (the client). This is the Company's second favourable arbitral award.
The joint venture has been awarded approximately US\$ 80 million in addition to interest on the amount from date of award to date of payment. OCI S.A.E.'s share of the arbitral award is 50%. In 1998 and 1999, the joint venture was awarded contracts by the client to construct CityStars Cairo, a mixed-use retail and residential complex in Cairo, Egypt.
Upon completion of the project in 2005, the client liquidated bonds and refused to pay for additional work performed. Accordingly, the joint venture initiated arbitral proceedings at the Cairo Regional Centre for International Commercial Arbitration (CRCICA).
OCI N.V. is a global producer of natural gas-based fertilizers & industrial chemicals and an engineering & construction contractor based in the Netherlands. The Fertilizer & Chemicals Group produces nitrogen fertilizers, methanol and other natural gas based products, serving agricultural and industrial customers from the Americas to Asia. We rank among the world's largest nitrogen fertilizer producers with current production capacity of nearly 7 million metric tons in the Netherlands, the United States, Egypt and Algeria. The Engineering & Construction Group provides international engineering and construction services primarily focused on infrastructure, industrial and highend commercial projects in the United States, Europe, the Middle East, Africa and Central Asia for public and private clients. It ranks among the world's top global contractors. OCI N.V. employs approximately 55,000 people in 35 countries and is listed on Euronext in Amsterdam.
Hans Zayed Director Email: [email protected]
Erika Wakid Email: [email protected]
Tel: +31 (0) 6 18 251 367
OCI N.V. stock symbols: OCI / OCI.NA / OCI.AS / OCINY
Mijnweg 1, 6167 AC Geleen, The Netherlands
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