AGL 41.50 Increased By ▲ 2.96 (7.68%)
AIRLINK 128.00 Decreased By ▼ -1.50 (-1.16%)
BOP 6.26 Increased By ▲ 0.65 (11.59%)
CNERGY 4.13 Increased By ▲ 0.27 (6.99%)
DCL 8.44 Decreased By ▼ -0.29 (-3.32%)
DFML 40.69 Decreased By ▼ -1.07 (-2.56%)
DGKC 87.90 Decreased By ▼ -0.40 (-0.45%)
FCCL 34.10 Decreased By ▼ -0.90 (-2.57%)
FFBL 66.33 Decreased By ▼ -1.02 (-1.51%)
FFL 10.56 Decreased By ▼ -0.05 (-0.47%)
HUBC 108.70 Decreased By ▼ -0.06 (-0.06%)
HUMNL 14.46 Decreased By ▼ -0.20 (-1.36%)
KEL 4.65 Decreased By ▼ -0.10 (-2.11%)
KOSM 7.33 Increased By ▲ 0.38 (5.47%)
MLCF 42.72 Increased By ▲ 1.07 (2.57%)
NBP 60.84 Increased By ▲ 1.24 (2.08%)
OGDC 178.97 Decreased By ▼ -4.03 (-2.2%)
PAEL 25.70 Decreased By ▼ -0.55 (-2.1%)
PIBTL 6.06 Increased By ▲ 0.09 (1.51%)
PPL 146.15 Decreased By ▼ -0.55 (-0.37%)
PRL 24.91 Increased By ▲ 1.30 (5.51%)
PTC 16.14 Decreased By ▼ -0.42 (-2.54%)
SEARL 70.20 Increased By ▲ 1.90 (2.78%)
TELE 7.22 Decreased By ▼ -0.01 (-0.14%)
TOMCL 36.20 Increased By ▲ 0.25 (0.7%)
TPLP 7.84 Decreased By ▼ -0.01 (-0.13%)
TREET 15.59 Increased By ▲ 1.39 (9.79%)
TRG 50.36 Decreased By ▼ -0.09 (-0.18%)
UNITY 26.90 Increased By ▲ 0.15 (0.56%)
WTL 1.24 Increased By ▲ 0.03 (2.48%)
BR100 9,795 Decreased By -11.1 (-0.11%)
BR30 29,647 Decreased By -31.2 (-0.1%)
KSE100 92,021 Decreased By -282.9 (-0.31%)
KSE30 28,665 Decreased By -175.5 (-0.61%)

Egypt and Russia signed a contract on Monday for the building of Egypt's first nuclear power plant, during a visit to Cairo by President Vladimir Putin. The contract to build the plant in Dabaa on the Mediterranean coast was signed during a live ceremony shown on state television and attended by the Russian leader and Egyptian President Abdel Fattah al-Sisi.
"By realising this project, Egypt will obtain not just the nuclear plant but also access to the most modern and safe technologies," Putin said after the signing. The contract was signed by the head of Russian state nuclear company Rosatom, Alexei Likhachev, and Egypt's electricity and renewable energy minister, Mohamed Shaker.
A statement by Rosatom said it would build four 1,200-Megawatt reactors "as well as supplying nuclear fuel throughout the plant's entire operational lifetime". "This will help ensure competitive electricity pricing in Egypt over a period of 60 years," it said.
Rosatom also said it will train the plant's personnel and help Egypt run and maintain the plant for its first 10 years of operation. Russia's state news agency TASS reported the cost of the plant at around $30 billion (around 25 billion euros).
The first unit at the Dabaa plant will be commissioned by 2026, Rosatom said. "Relations between the two countries have a long history and are strong and continuous," Sisi said after the signing ceremony.
He said future projects between Russia and Egypt were also being studied. The two countries signed two agreements in November 2015 for Russia to finance and build the Dabaa plant.
Sisi announced the project in February that year during a visit by Putin, when a memorandum of understanding was signed. Initial work on the project took place in the early 1980s during the regime of president Hosni Mubarak, who was ousted in January 2011, but it later halted over disputes with local residents after the 1986 Chernobyl disaster.
In Monday's talks, "we discussed another promising project, the creation in Egypt of a Russian industrial zone", Putin said. "It will be the largest centre producing and exporting Russian goods to markets in the Middle East and Africa... We expect the volume of total investment in the project to reach $7 billion."

Comments

Comments are closed.