16/06/2010

Water pipe supply contract, worth $ 15.3 million, for Petzetakis Group, in Angola

Petzetakis Group announces the award of a $15.3 million contract from the Spanish engineering company Befesa Agua-Riogersa for the supply of the pipes required  for the construction of water supply network in the province of Cunene, in Angola. This award is the largest, single contract in the 50-year history of the Group and was achieved against international  competition, in the midst of negotiations for the Group’s financial strengthening.

The completion of the supply is estimated at 12 months and deals with 100km-long drinking water pipeline, in large and small diameters. Through this contract, which is part of the master trans-frontier plan with Namibia to supply water to the north provinces of this African country, will supply safe drinking water, which has not been available to date, on a continuous basis to a large part of Cunene province, benefiting approximately 250,000 residents in one of the most hard hit provinces by the Angolan conflict.

The total project besides the 100km-long pipeline, also includes one drinking water treatment, pumping stations, elevated tanks and one drinking water tank. The total amount of the project is $101 million and will be financed by a credit line that the Angolan Ministry of Finance has with Deutsche Bank.

This award is the result of systematic and focused efforts of the Group in specific markets where major projects are underway and highlights the competitive advantages of our group, in the midst of strong international  competition.

The Chairman and Group CEO, Mr. George Petzetakis stated that "The successful outcome of extensive negotiations is encouraging, as the award represents a first substantial evidence that our strategic plan, which was set early 2009, and committed valuable  resources and dedicated staff in developing markets such as Angola, started paying off.

The forthcoming completion of the financial strengthening of our Group will allow the full-scale strategy implementation of undertaking projects in developing markets. With this strategy, Petzetakis Group's considerable technology and know-how, in large infrastructure projects, will be fully exploited.

Furthermore, it is important for the Group that we participate in a project that brings drinking water,and ensures proper living standards in an area that has suffered for a long time."

Befesa, an environmental service company, bases its activities on the provision of environmental services to industry and on the construction of environmental infrastructure. It is a subsidiary of Spanish multinational Abengoa with presence in 70 countries, listed on the Madrid stock exchange.