Orascom Construction, a unit of the Dutch-based OCI in collaboration with the Emirati-based International Petroleum Investment Company (IPIC) will construct a US$3 billion coal power plant. The new venture will be undertaken on Egypt’s Red Sea coast.
The planned power station will produce between 2,000 to 3,000MW of power using advanced clean-coal technology that complies with European Union standards for emission control.
The details of the coal power plant project emerged after Nassef Sawiris, the CEO of OCI N.V and Egypt’s wealthiest man held talks with Egypt’s Prime Minister, Ibrahim Mahlab regarding the project.
The power plant is waiting for technical studies and governmental and corporate approvals with many Egyptian environmental groups against the use of coal, saying it has severe environmental and health effects.
Sariwis, Egypt’s richest businessman made commitments to inject large sums of money in huge investments in Egypt after his three-year prison term for tax evasion was reversed a week ago. Korea Electric Power Corporation (KEPCO) has also recently announced the signing of an agreement with Arab Contractors for a nuclear power plant in the country. These bids will help boost power generation in the country to serve demand.
