Germany's inflation 2.1% up in April '25 – preliminary data    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    EGP closes high vs. USD on Wednesday    Germany's regional inflation ticks up in April    Taiwan GDP surges on tech demand    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



General Electric delivers Turbines to Egypt as part of US$1.9 billion Deal
Published in Amwal Al Ghad on 13 - 03 - 2015

General Electric Co has delivered a shipment of gas turbines to Egypt as part of a $1.9 billion deal to boost power capacity, and will invest $200 million in a planned economic zone near the Suez Canal, the firm announced on Friday.
The announcements were made at a conference where Egypt hopes to secure billions of dollars in investment after years of political turmoil, focusing on energy and the Suez Canal zone.
GE says it generates about 30 percent of Egypt's installed power capacity and the gas turbines will help ease the load on the overburdened energy grid ahead of peak summer usage.
Egypt is suffering its worst energy crisis in decades, with high consumption and low output causing regular power blackouts.
GE had delivered 34 turbines to Egypt out of a planned 46 total as part of a project to provide 2.6 gigawatts of power to the grid by May 2015, the U.S. conglomerate said in a statement.
"I track this project personally. We know how important this is to Egypt," GE co-chief executive Jeff Immelt told a news conference in the Red Sea resort of Sharm El-Sheikh.
Electricity minister Mohamed Shaker said GE's delivery was part of Egypt's plan to add six gigawatts to the grid by the end of 2015, pushing total capacity to 38 gigawatts.
Shaker said 3.6 gigawatts would be provided by new power stations at a cost of $2.65 billion, with GE providing 2.6 gigawatts and Germany's Siemens and Italy's Ansaldo Energia providing the remaining one gigawatt.
Siemens and Ansaldo Energia were unavailable to comment.
Immelt said the value of the 46 turbines was proportional to the amount of power GE was providing from the overall 3.6 gigawatts. That would put the value of GE's turbine deal, which was signed in December, at about $1.9 billion.
The company also said it was investing $200 million in a manufacturing and training facility in Suez City, which GE sees as part of an economic hub being built near the Suez Canal.
The Suez project, announced by President Abdel Fattah al-Sisi last August, aims to turn the canal area into an international industrial and logistics hub. In a separate scheme, the army began digging a second canal in August to allow the two-way traffic of larger ships.
GE's investment in Suez City would focus on power generation, renewables, water, oil and gas, aviation and rail transport, it said.
Source: Reuters


Clic here to read the story from its source.