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Egypt signs multi-million-dollar energy deals

Nov 24, 2019
2 min read
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Egypt has signed several multimillion-dollar energy investment deals as the country looks to boost international sales and meet domestic energy needs.

The North African country signed a $430-million deal with Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company’s pipeline, according to a Reuters report.

Under another Noble agreement, which will also be financed by the U.S. International Development Finance Corporation, the energy company will manufacture petroleum products in partnership with Egyptian company Dolphinus Holdings.

Reuters said the Egyptian cabinet detailed the plans at the end of an Africa investment forum held on the site of the country’s planned new administrative capital in the desert east of Cairo.

Amsterdam-based Lekela also announced the start of construction work on its West Bakr wind power plant, which will have a capacity of 250 megawatts and require a total investment of $350 million.

Lekela CEO Chris Antonopoulos said Siemens Gamesa will build the West Bakr plant in the Gulf of Suez, which is expected to create 550 jobs, Reuters said, citing a cabinet statement.

Egypt also signed an agreement with the European Bank for Reconstruction and Development (EBRD) worth $201 million to improve the Egyptian Electricity Transmission Co’s electricity grid. The lender will also finance a new asphalt production unit for the Suez Oil Processing Co worth $50 million.

The International Islamic Trade Finance Corporation and the African Export–Import Bank also made available the first $100 million tranche of a $500 million loan to boost Egypt’s trade with other African and Muslim countries.

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