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FINANCIAL NEWS
Egypt, Kuwaiti firm sign USD1.6b contract for energy projects
16 Apr 2015
(MENAFN) The Egyptian government and Kuwait’s Alghanim International signed an initial USD1.6 billion contract for two energy schemes set for implementation, the prime minister said, Arabian Business reported.
The first venue is to witness the conversion of four gas-powered plants into being run on joined cycles. The second project is for the building of gas-powered plants, fostering a capacity of 900 megawatts.
No corporate reports were issued concerning the timeline for the two ventures to be completed, but actions must be made soon since energy demands in Egypt has been mounting, with power cuts turning into a regular trend.
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