Egypt, Russia sign USD20b contract for nuclear power plant

20 Nov 2015

(MENAFN) Russia has signed a contract with Egypt to construct the nation’s first nuclear power plant, thus Russia’s state-owned nuclear firm Rosatom will build and operate four 1,200 MW nuclear reactors at Dabaa in northern Egypt.

The agreement includes a loan to cash-strapped Egypt, which has considered building a nuclear plant since the 1980s, and this plant would significantly help to fill an energy gap in the Arab world’s most populous country.

Additionally, estimations for the nuclear reactors suggest a cost that could well exceed USD20 billion, plus the loan would be paid back over 35-years and be paid for by electricity, as explained by the country’s president.

Meanwhile, Russia is slated to build four 1,200 MW nuclear reactors for Turkey, the nation’s first at USD20 billion, let alone that Russia built Iran’s first civilian nuclear power plant at Bushehr and handed control of the plant in 2013.

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