Egypt, Dana Gas report new well success in onshore Nile Delta    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    UK pay settlements stagnant amid inflation surge    Egyptian pound opens flat on July 23    Egypt's current account gap narrows, but overall BoP records deficit    Egypt hosts international neurosurgery conference to drive medical innovation    World Bank proposes Egypt join new global health initiative    Egypt, India discuss expanding industrial, investment partnerships    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    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.



EGBank lends UEEPC EGP 2bn to finance maintenance
The first portion, worth $50m, was provided this week, says El Shahat
Published in Daily News Egypt on 01 - 04 - 2017

The Upper Egypt Electricity Production Company (UEEPC) has signed a contract loan with the Egyptian Gulf Bank (EGBank) over EGP 2bn to finance a maintenance programme and update the stations affiliated to the company.
Ibrahim El Shahat, chairperson of the UEEPC, said that the loan will be paid over the period of 11 years with a grace period of 4 years. According to the agreement, the loan includes providing foreign currencies, including dollars, euros, and yens.
The first tranche of the loan will be provided this week. It is estimated at $50m, while the provision of the remaining amount will take place according to a schedule based on the company's financial commitments.
El Shahat explained that his company will pay its dues to the companies working in the maintenance and modernisation of UEEPC's stations. The stations include Korimat Complex station: Korimat 1, 2, and 3, with total capacities of 2,127 MW. Among the foreign companies that have implemented the maintenance works are Siemens, General Electric (GE), Sumitomo, and Hadon.
He said that these companies have implemented changes and updates based on the condition of the production units and the turbines. The changes are considered large after units have worked for over 36,000 hours, average if they have worked for around 24,000 hours, and simple if they have worked for 8,000 hours.
He pointed out that the Ministry of Electricity has developed a replacement and maintenance plan for current stations to decrease fuel consumption and raise efficiency, instead of building new stations. The plan suggests applying modern technology in the stations to work through a combined cycle system to reduce fuel consumption.
He added that the Ministry of Electricity is still preparing a plan to raise the efficiency of power plants, add new capacities, and develop electricity transmission networks to absorb the new capacities expected for the next summer.
The Ministry of Electricity has allocated EGP 11bn for the operation and maintenance of power plants as well as the transmission networks in this year.
According to the Ministry of Electricity, the costs of operation and maintenance of power plants are secured through the collection of electricity consumption bills, amounting to EGP 7bn. On the other hand, the Ministry of Electricity seeks to obtain a loan of EGP 37bn to modernise and develop the transmission and distribution networks.


Clic here to read the story from its source.