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Orascom Construction to develop coal-fired power station
Firm owned by Egypt's wealthiest man Nassef Sawiris announces plans to build a coal-fired power station a day after he is acquitted of tax evasion
Waad Ahmed Published in Ahram Online on 05 - 11 - 2014

Orascom Construction, a subsidiary of Dutch-based OCI N.V., will build a coal-fired power station on the Red Sea coast in partnership with Emirati-based International Petroleum Investment Company (IPIC), the company announced on Wednesday.
Egypt has long suffered from an energy crisis leading to frequent blackouts.
The government – which cut fuel subsidies in July, including those targeting heavy industries – also allowed businesses to start importing coal as a substitute for gas needed to produce electricity.
The planned power plant will have a capacity of 2,000 to 3,000 megawatts (MW) and is "pending technical studies and governmental and corporate approvals," the company said in the statement.
The plant will cost $2.5 to $3 billion, Erika Wakid, a spokesperson for the company said. Nassef Sawiris, CEO of Dutch listed OCI N.V., Orascom Construction's parent company, discussed the project with Prime Minsiter Ibrahim Mahlab last week, Wakid said.
Sawiris, Egypt's wealthiest man, promised large investments after his three-year sentence for tax evasion was overturned on Tuesday.
http://english.ahram.org.eg/News/114791.aspx

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