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Sunday, 23 September 2018

Siemens to run Egypt’s 3 new massive power plants for 8 years

Egypt signs USD 352 mn management contract with Siemens for combined-cycle power plants: Egypt signed on Thursday a USD 352 mn, eight-year contract with Germany’s Siemens AG and its subsidiary Siemens Technologies to operate, maintain, and manage the three combined-cycle plants power plants in Beni Suef, Burullus, and the new administrative capital, Reuters reports, citing the state news agency. Sources had said that payment for the contract, which is due to start in four years, would be split into an EUR 176 mn foreign-currency tranche and a EGP 2.6 bn LCY-denominated component.

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