Edrasi inks new deal for oil unit

Shares in construction company Edrasi-Psalidas outperformed the Athens bourse yesterday after news it had signed a 8.2-million-euro deal with refinery Motor Oil for the construction of a new distillation unit. Shares in Edrasi-Psalidas, which has a market capitalization of 11.3 million euros, ended unchanged at 0.35 euros, reversing earlier gains of nearly 3 percent. The Athens Exchange’s benchmark general index fell 1.20 percent to 1,837.98 points. Edrasi-Psalidas said in a bourse filing that the deal for the construction of the new crude distillation unit (CDU) is expected to be completed over the next 15 months. Last month, the construction company signed another two projects, bringing its order backlog to more than 150 million euros. According to analysts, risks currently faced by the construction sector include higher funding costs and the possible cancellation of some contracts as a result of pressure from the financial crisis.

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