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Wednesday, 19 June 2019

PM discusses operating Siemens power plants offer with Edra official

Prime Minister Moustafa Madbouly discussed Malaysia’s Edra Power Holdings’ offer to take over one of Siemens’ newly built power plants with the company’s President and Executive Director Datuk Wira Mark Ling, the cabinet said in a statement. Madbouly said Egypt welcomes reaching an agreement that would serve its interests and reduce liabilities and at the same time doesn’t impact the way the service is provided to citizens. Electricity Minister Mohamed Shaker told Bloomberg last month that Blackstone Group’s Zarou and Edra have both expressed an interest in taking over the operation of the three Siemens-built, combined-cycle power plants inaugurated in July. Bloomberg suggested the transaction could “set the stage for [Zarou or Edra] to assume responsibility for any financial dues on the project.

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