Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million gas deal with Texas’ Noble Energy.
The deal will allow the Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company’s pipeline.
Under another agreement with Noble Energy, the energy company in partnership with the Egyptian company Dolphinus Holdings will manufacture petroleum products. The project will be also be financed by the U.S. International Development Finance Corporation.
Egypt’s cabinet detailed the plans at the end of an Africa investment forum held on the site of the new Egypt’s planned administrative capital in the desert east of Cairo.
Lekela, Amsterdam-based company also announced it would start construction work on its West Bakr wind power plant, which will require a total investment of $350 million with a capacity of 250 megawatts.
According to the cabinet statement, Chris Antonopoulos, Lekela CEO said Siemens Gamesa would build the West Bakr plant in the Gulf of Suez. The project is expected to create 550 jobs.
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Egypt also signed an agreement worth $201 million with the European Bank for Reconstruction and Development (EBRD) to improve the Egyptian Electricity Transmission Company’s electric grid,
The bank will also finance a $50 million new asphalt production unit for the Suez Oil Processing Company.
The EBRD further signed deals with Sarwa Capital Holding and state-owned Banque Misr to issue $31.13 million in securitisation bonds for the government’s New Urban Communities Authority (NUCA).
NUCA is developing Egypt a new capital which is yet to be named. The military engineering authority owns 51% shares in NUCA while the housing ministry owns 49%.
The International Islamic Trade Finance Corporation and the African Export-Import Bank also gave the first $100 million tranches of a $500 million loan whose aim is to boost Egypt’s trade with other African and Muslim countries.
This year also saw the signing of a Memorandum of Understanding between South Sudan government and Egypt’s state oil company Egyptian National Petroleum Corporation (EGPC) in regards to regional cooperation in the field of downstream oil and gas.