Orascom and IPIC sign MoU with Egyptian Government for power plant.

Orascom Construction and the International Petroleum Investment Company (IPIC) have signed a Memorandum of Understanding (MoU) with the Egyptian government formalizing the parties' cooperation in the development of a 2,000 – 3,000 MW coal-fired power plant in Egypt.

The MoU gives the Orascom Construction and IPIC consortium exclusivity on a site location in the vicinity of El Hamarawein port on the Red Sea coast for a period of 18 months and allows the consortium to conduct and finalize all relevant project studies for executing the project.

Plans to jointly commence studies to develop, construct, and operate a coal-fired power plant in Egypt were announced earlier this month. ( BNC report on 5 November 2014).

The consortium aims to develop this project to help meet Egypt’s rising demand for electricity.

The signing ceremony was attended by the Egyptian Prime Minister his Excellency Mr. Ibrahim Mahlab, the Minister of Electricity his Excellency Dr. Mohamed Shaker, IPIC's Director of Investments Mr. Mohamed Al Mehairi, and Orascom Construction's Chief Executive Officer, Osama Bishai.


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