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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Maire Tecnimont S.p.A.    MT   IT0004931058

MAIRE TECNIMONT S.P.A.

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Maire Tecnimont S p A : USD 550 million contract finalized for a New Ammonia Project Plant in Egypt

05/11/2020 | 01:24am EST

Press Release

n. 16 - 11.05.2020

USD 550 MILLION CONTRACT FINALIZED FOR A NEW AMMONIA PROJECT PLANT IN EGYPT

  • The EPC contract further confirms the resilience of the
    Group's core business in a particularly challenging period

Milan, 11 May 2020 - Maire Tecnimont S.p.A. announces that its subsidiary Tecnimont S.p.A. has finalized with Egypt Hydrocarbon Corporation S.A.E. (EHC) all technical and commercial conditions of the EPC contract related to the implementation of a new Ammonia plant in Ain Sokhna, Egypt. Maire Tecnimont Group had already been selected as the exclusive EPC contractor, as announced to the market on September 12th, 2019.

The contract's value is approximately USD 550 million.

The plant will produce 1,320 MTPD (metric tons per day) of ammonia and includes extensive utilities and offsites facilities. The Scope of Work includes full Engineering, Procurement and Construction activities. Project completion is scheduled after 36 months from the contract effective date, which will be triggered by the financial closing of the project.

In this regard, both SACE and US EXIM Bank are negotiating with EHC the terms of their support to the financing of the project.

The produced ammonia will be used to feed an Ammonium Nitrate plant, already existing and in operation in the same industrial facility, also owned by EHC.

Basil El-Baz, Egypt Hydrocarbon Corporation Chairman, commented: "This contract is another outstanding opportunity to work with Maire Tecnimont, a company we trust with best in class expertise and experience. The EHC expansion project is a vote of confidence in the Egyptian economy and the reforms that have been undertaken to date. The project will serve as a catalyst for the mining sector, attracting foreign investment and increasing employment opportunities and providing the raw materials needed for the sectors activities."

Pierroberto Folgiero, Maire Tecnimont Group CEO, added: "With this achievement we are proving once again the great resilience of our core business in a particularly challenging period for the whole market. We are also really proud to play a strategic role in the development of the fertilizer industry in Egypt with an entrepreneurial client such as EHC."

Maire Tecnimont SpA

Maire Tecnimont S.p.A. is a company listed on the Milan stock exchange. It heads an industrial group (the Maire Tecnimont Group) that leads the natural resources processing sector (plant engineering in the oil&gas downstream industry, with specific technological and execution capabilities). Through its subsidiary NextChem the Group operates in the field of Green Chemistry and technologies supporting the energy transition. The Maire Tecnimont Group operates in approximately 45 different countries,

Maire Tecnimont SpA

SEDE LEGALE

Via Gaetano de Castillia 6a, 20124 Milano, Italia

Viale Castello della Magliana, 27, 00148 Roma, Italia

T +39 02 63131 F +39 02 63139777

T +39 06 412235300 F +39 06412235610

Comunicato Stampa

n.16 - 11.05.2020

numbering around 50 operative companies and a workforce of more than 6,300 employees, along with approximately 3,000 additional Electrical & Instrumentation professionals. For more information: www.mairetecnimont.com.

Institutional Relations and Communication

Investor Relations

Carlo Nicolais, Tommaso Verani,

Riccardo Guglielmetti

Ida Arjomand

Tel +39 02 6313-7823

public.affairs@mairetecnimont.it

investor-relations@mairetecnimont.it

Media Relations

Image Building

Alfredo Mele, Carlo Musa,

Alessandro Beretta

Tel +39 02 89011300

mairetecnimont@imagebuilding.it

2

Disclaimer

Maire Tecnimont S.p.A. published this content on 11 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2020 05:23:04 UTC


© Publicnow 2020
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Sales 2020 2 803 M 3 403 M 3 403 M
Net income 2020 62,2 M 75,6 M 75,6 M
Net Debt 2020 271 M 330 M 330 M
P/E ratio 2020 10,6x
Yield 2020 3,02%
Capitalization 674 M 817 M 818 M
EV / Sales 2020 0,34x
EV / Sales 2021 0,28x
Nbr of Employees 5 983
Free-Float 44,4%
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Mean consensus HOLD
Number of Analysts 6
Average target price 2,03 €
Last Close Price 2,05 €
Spread / Highest target 12,2%
Spread / Average Target -1,22%
Spread / Lowest Target -12,2%
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Managers and Directors
NameTitle
Pierroberto Folgiero CEO, COO, Director & General Manager
Fabrizio di Amato Chairman
Franco Rossi Galante Chairman-Supervisory Board
Alessandro Bernini Group Chief Financial Officer
Franco Ghiringhelli SVP-Human Resources & Process Excellence, ICT
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