EGYPT EXPECTS TO FINALISE CONTRACTS FOR NUCLEAR POWER PLANT BY END-2017

CAIRO, Egypt, Egypt expects to finalise contracts, before the end of 2017, for its first nuclear power plant, with 4,800 megawatt (MW) capacity, Egyptian Electricity Minister, Mohamed Shaker, said, on Tuesday.

Egypt signed an agreement in Nov, 2015, for Russia to finance building and operating the plant.

Official reports, last year, affirmed that the loan was worth US$25 billion, and would finance 85 percent of the value of each work contract, services and equipment shipping.

Egypt would fund the remaining 15 percent.

The plant will be built in Dabaa, a site in the north of the country, that Egypt has been considering for a nuclear plant, on and off, since the 1980’s.

The first of four planned reactors is expected to begin producing power in 2024, the Ahram Online reported.

Egypt, with a population of nearly 95 million people and vast energy needs, seeks to diversify its energy sources.

As well as building a nuclear plant, Egypt said, last year, it was expanding its solar and wind power capacity, over three years, to add 4,300 MW of capacity.

Source: NAM NEWS NETWORK