EGPC in the market for an EGP 10 bn loan - ENTERPRISE / AL MAL

Monday, 27 March 2017

The Egyptian General Petroleum Company (EGPC) is negotiating for a EGP 10 bn loan with a banking consortium led by CIB to finance oil imports, Al Mal reports. Four-to-five private banks are funding the facility that is expected to carry a tenor of five-to-eight years, unnamed sources said.

The sources add that the Egyptian Electricity Holding Company will pay back part of the loan to the banks, as part of the EGP 40 bn it owes EGPC.

Siemens to add 1,200MW to national electricity grid at End-May - AMWAL AL GHAD / DAILY NEWS EGYPT

Saturday, 18 March 2017 12:04

Siemens is set to add 1,200MW to the national electricity grid by the end of May from power plants in the New Administrative Capital and Borollos.

Sources at the Egyptian Electricity Holding Company (EEHC) said that, according to an agreement with Siemens and Orascom, the New Administrative Capital power plant will add 400MW by the end of March, in addition to 800MW to be added from the Borollos power plant in the end of May.

The sheer capacity spanning Siemens’ three projects in Beni Suef, the New Administrative Capital, and Borollos that will be added before summer amounts to 6,000MW; where 4,800MW have already been linked to the grid pending commercial operation.

Electricity Ministry considers reducing fuel oil at power plants to cope with post-flotation financial burden - DAILY NEWS EGYPT

Sunday January 22, 2017Mohamed Farag

Liberation of exchange rate hiked burden to EGP 102bn per year

Minister of Electricity Mohamed Shaker is currently waiting for the cabinet to decide on one of the scenarios proposed to cope with the increasing financial burden on the Egyptian Electricity Holding Company (EEHC) following the flotation of the Egyptian pound.

Sources at the Ministry of Electricity said that the ministry is considering reducing the proportion of using fuel oil for production, especially as it costs more than gas. The price of fuel oil amounts to EGP 2,500 per tonne, while that of 1 Billion Thermal Units (BTUs) stands at $3bn.

Electricity Ministry meets with EDF Energy to discuss cooperating on Siemens power plants management - ENTERPRISE / AL BORSA

Sunday, 22 January 2017

Officials from the Egyptian Electricity Holding Company are meeting with a delegation from EDF Energy to discuss cooperating on managing the Siemens power plants, unnamed sources told Al Borsa. 

The Electricity Ministry had earlier issued a tender to receive the completed power plants from Siemens and assist the ministry in managing the power plants. Three companies presented bids including EDF Energy, RWE, and Parsons.