Latest news with #OrascomConstruction
Zawya
3 days ago
- Business
- Zawya
GE Vernova's H-Class gas turbines to expand Qurayyah power plant
GE Vernova has announced it has secured an order for five 7H-Class gas turbines - three 7HA.03 and two 7HA.02 units – from Técnicas Reunidas and Orascom Construction (TR & Orascom Construction). The two companies have signed, under a 50-50 joint venture, the engineering, procurement and construction (EPC) contract for Qurayyah Independent Power Plant (IPP) Expansion Project in the Eastern Province in Saudi Arabia. This expansion project, a 3 gigawatt (GW) combined cycle gas-fired power plant with readiness to build a carbon capture unit, aims to bolster electricity production capacity and enhance operational efficiency in Saudi Arabia. Expanding Saudi Arabia's fleet of combined cycle power plants plays a crucial role in Saudi Arabia's plan to generate half of its electricity from gas by 2030 and half from renewables, paving the way to net-zero greenhouse gas (GHG) emissions by 2060, a statement said. Hajr Two Electricity Co, a company owned by ACWA Power, the Saudi Electricity Company (SEC), and Haji Abdullah Alireza & Co signed a Power Purchase Agreement (PPA) for the Qurayyah Independent Power Plant (IPP) Expansion Project with the Saudi Power Procurement Company (SPPC – Principal Buyer) in February 2025. Hajr Two Electricity Co commented: 'The QIPP Expansion Project is a very ambitious project and we are proud to support its development. We look forward to working with TR & Orascom Construction and GE Vernova to contribute to Saudi Arabia's enhancement of its electricity supply as the Kingdom transitions its power generation mix to incorporate more renewable energy in alignment with Saudi Vision 2030 and its ambitious sustainability targets.' 'QIPP project is evidence of Saudi Arabia's strong belief in the future of gas as it emits less CO2 and other pollutants than oil-fueled power plants,' said Joseph Anis, President & CEO of GE Vernova's Gas Power business in Europe, Middle East & Africa. 'We have developed a productive and successful relationship with TR & Orascom Construction building on our proven expertise in natural gas combined cycle plant engineering, operability, and plant integration, and we are delighted to deploy some of our most advanced power generation technologies, with the potential to integrate carbon capture solutions to help significantly reduce carbon dioxide emissions in QIPP's and other gas power plants in Saudi Arabia.' GE Vernova has been playing a pivotal role in fostering the evolution of the Kingdom's energy infrastructure for almost 90 years, supporting economic diversification, localization, high value exports, and talent development efforts and still does so today in support of Saudi Vision 2030. The company currently employs approximately 850 people in Saudi Arabia. GE Vernova's investments in the Kingdom include the Khobar Integration Facility (KIF) for grid solutions, as well as the GE Manufacturing and Technology Center (GEMTEC) campus in Dammam, which encompasses a Services and Repairs Center for gas turbines, the GE Saudi Advanced Turbines (GESAT) facility for the manufacturing of gas turbines, components and accessory modules, the GE MENA Decarbonization Center of Excellence, and a Monitoring & Diagnostics Center for the remote monitoring of power generation assets. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
4 days ago
- Business
- Zawya
Egypt: Orascom Construction posts $847.6mln in Q1 2025 revenue
Arab Finance: Orascom Construction reported revenue of $847.6 million, and the company's consolidated backlog stood at $8.7 billion during the first quarter (Q1) of 2025, as per an emailed release. The firm also reported net profit attributable to shareholders of $25.1 million and EBITDA worth $54.1 million as of March 31st. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
4 days ago
- Business
- Zawya
Orascom Construction's consolidated profits exceed $27mln in Q1-25
Cairo – Orascom Construction posted lower consolidated net profits at $27.10 million in the first quarter (Q1) of 2025, compared to $49.80 million in Q1-24. Revenues climbed to $847.60 million in Q1-15 from $766.30 million a year earlier, according to the financial results. Basic and diluted earnings per share (EPS) hit $0.23 as of 31 March 2025, versus $0.42 in Q1-24. Standalone Financials In the first three months (3M), the EGX-listed firm turned to standalone net losses valued at $8.69 million, versus net profits of $3.73 million. Basic EPS declined to $0.23 from $0.42. Last year, the company's consolidated backlog reached $7.60 billion. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Yahoo
5 days ago
- Business
- Yahoo
GE Vernova wins gas turbines order for Qurayyah IPP expansion project
GE Vernova has secured an order for five 7H-Class gas turbines from Técnicas Reunidas and Orascom Construction for the Qurayyah independent power plant (QIPP) expansion project, a 3GW combined cycle gas-fired power plant in Saudi Arabia's Eastern Province. The order comprises three 7HA.03 and two 7HA.02 units. In March 2025, Técnicas Reunidas (TR) and Orascom Construction collaborated under a 50/50 joint venture to manage the engineering, procurement and construction (EPC) contract for the QIPP expansion project. The expansion will be able to integrate a carbon capture unit. GE Vernova Europe, Middle East and Africa gas power business president and CEO Joseph Anis stated: 'the QIPP project is evidence of Saudi Arabia's strong belief in the future of gas as it emits less CO₂ and other pollutants than oil-fuelled power plants. 'We have developed a productive and successful relationship with TR & ORASCOM CONSTRUCTION building on our proven expertise in natural gas combined cycle plant engineering, operability and plant integration, and we are delighted to deploy some of our most advanced power generation technologies, with the potential to integrate carbon capture solutions to help significantly reduce carbon dioxide emissions in QIPPs and other gas power plants in Saudi Arabia.' The expansion project aims to increase electricity production capacity and improve operational efficiency in the country. The initiative is in line with Saudi Arabia's objective to generate 50% of its electricity from gas by 2030 and the remaining from renewable sources, contributing to the country's commitment to achieving net-zero greenhouse gas emissions by 2060. In February 2025, Hajr Two Electricity, owned by ACWA Power, the Saudi Electricity Company and Haji Abdullah Alireza & Co, signed a power purchase agreement (PPA) with the Saudi Power Procurement Company (SPPC) as principal buyer) for the expansion project. Hajr Two Electricity stated: 'The QIPP expansion project is very ambitious and we are proud to support its development. We look forward to working with TR, Orascom Construction and GE Vernova to contribute to Saudi Arabia's enhancement of its electricity supply as the Kingdom transitions its power generation mix to incorporate more renewable energy in alignment with Saudi Vision 2030 and its ambitious sustainability targets.' GE Vernova employs 850 individuals in Saudi Arabia and has made several investments in the region, including the Khobar integration facility (KIF) for grid solutions and the GE Manufacturing and Technology Center (GEMTEC) campus in Dammam. "GE Vernova wins gas turbines order for Qurayyah IPP expansion project" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
5 days ago
- Business
- Zawya
GE Vernova to supply gas turbines for Qurayyah IPP expansion project in Saudi Arabia
GE Vernova announced on Wednesday that it has secured an order for five 7H-Class gas turbines - three 7HA.03 and two 7HA.02 units for 3,000 megawatts (MW) Qurayyah Independent Power Plant (IPP) expansion project in Saudi Arabia. The contract was awarded by the Engineering, Procurement and Construction (EPC) consortium comprising Técnicas Reunidas and Orascom Construction, according to the press statement issued by the NYSE-listed company. The combined cycle gas-fired power plant is designed to be carbon-capture ready. The project is being developed by Hajr Two Electricity Co., a joint venture between ACWA Power, Saudi Electricity Company (SEC), and Haji Abdullah Alireza & Co. The Power Purchase Agreement (PPA) was signed with Saudi Power Procurement Company (SPPC – Principal Buyer) in February 2025. (Writing by Deva Palanisamy; Editing by Anoop Menon) (
