$60bn worth of nuclear energy deals signed between Egypt and Russia

$60bn worth of nuclear energy deals signed between Egypt and Russia
MIDDLETOWN PA MARCH 28 The Three Mile Island Nuclear Plant is seen in the early morning hours March 28 2011 in Middletown Pennsylvania Photo Jeff FuscoGetty Images
Published: 21 April 2018 - 4:32 a.m.
By: Baset Asaba

Egypt has signed lucrative nuclear energy deals with Russia’s State Atomic Energy Corporation (Rosatom), according to a senior official at the company.

Alexey Likhachev said that Rosatom had signed a series of commercial deals with Egypt, most significantly the $60 billion contract to construct the Dabaa nuclear power plant, as well as its maintenance and supplies of nuclear fuel, reported the Middle East Monitor.

“These contracts are the first-ever in the nuclear industry and are Russia’s largest non-crude products export agreement,” Russia Today (RT) quoted Likhachev as saying. “This is certainly a very big contribution to the development of Russian-Egyptian relations.”

Last year, Moscow and Cairo signed an agreement to construct Egypt’s first-ever nuclear plant in Egypt’s northern city of Dabaa, in an attempt to help Egypt fulfil its growing energy demands. The total investment of the project amounts to $21 billion, with a potential increase to $26 billion.

According to the Egyptian energy minister, Mohamed Shaker, the plant is due to be completed by 2026-2027, reported the Middle East Monitor.

The nuclear plant will be built with a Russian loan of up to $25 billion at an annual interest rate of three per cent. This will cover 85 per cent of the project’s total costs. According to the joint agreement, Egypt will provide the remaining 15 per cent of the costs.

The plant will consist of four nuclear reactors with a production capacity of about 4,800 megawatts.

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