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Cairo: Egypt inks $61.6m power deal with South Korea

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In North Africa, the Egyptian Electricity Holding Company (EEHC) has signed a $61.68 million deal with South Korea’s Doosan Group for the supply of power plant equipment.

According to Daily News Egypt, the deal includes the supply of a 650MW turbine, condensers, and generators for the Assiut power plant.

Media reported that EEHC chairperson, Gaber Desouki, noted that that the contract is valid for 39 months from the date it was awarded.

The chair said that the project is expected to start at the end of 2019.

“The plant works through a steam boiler of super critical pressures fuelled by natural gas and fuel oil. The output energy will be linked to the main station in Assiut with a voltage of 500KV,” Daily News Egypt explained.

Egypt adds capacity to electricity grid

Desouki said that the project comes within the 2012-2017 five-year plan, which aims to support the national electricity grid to meet the growing need for electricity and achieve development across different fields, media reported.

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UEEPC will fund $170 million of the total project cost

The Upper Egypt Electricity Production Company’s (UEEPC) CEO, Ibrahim El-Shahat, explained that  the total cost of the power plant amounts to $264.9 million.

These funds have been secured through various loans with international funders, in addition to UEEPC’s own resources, which will fund $170 million, roughly 23% of the total cost of the project, media noted.

Among the funders include “the Arab Fund for Economic and Social Development, the Kuwait Fund for Arab Economic Development, the Islamic Development Bank, and the OPEC Fund for International Development (OFID),” Dail News Egypt reported.

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