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Sunday, 5 March 2017

Electricity Ministry signs EUR 238 mn agreement with Siemens for six power transmission stations, nine-year maintenance contract for the new plants

The Electricity Ministry signed a EUR 238 mn agreement with Siemens to build six power transmission stations to help transport power generated from the new plants, which are expected to save Egypt an annual USD 1.3 bn in fuel costs, Minister Mohamed Shaker said on Thursday. Siemens will design, build, and operate the project, as well as supply the equipment needed, while Elsewedy Electric will take charge of the project’s electromechanical works, under the terms of the MoU signed during the Egypt Economic Development Conference in 2015.

Siemens also inked a nine-year maintenance contract for the three plants on Friday, Al Mal reports. The company’s financial services arm has already started drafting a financing plan for maintenance operations, Siemens CEO Joe Kaeser said in a press conference after the inauguration, adding that the larger portion of the funding needed for the construction of the plants has also been secured.

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