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Monday, 23 May 2016

Edison and Qalaa in talks with gov’t to build EUR 100 mn power plant selling power direct to consumers

Edison and Qalaa Holdings are in talks with the Electricity Ministry to build a EUR 100 mn combined cycle power plant in Abu Qir that will sell power directly to consumers. The two companies have reached an agreement with the EGPC to supply the 180 MW power plant with natural gas from Edison’s concession in Abu Qir and are currently in talks to rent land in the area, a source from Edison tells Al Borsa. The plant, which will be developed in Italy and assembled in Egypt, would be a 50-50 JV between both companies. The pair hope to launch the project in September and begin issuing civil engineering tenders in October. Edison plans to begin drilling by year’s end, with the Abu Qir field expected to produce 100-150 mcf/d of natural gas.

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