Ministry of Electricity to sign contracts of EGP6.3bn with Siemens
Ministry of Electricity will sign today EGP6.3bn worth of contracts with Siemens to manage the three combined-cycle plants in Burullus, Beni Suef and the New Capital, sources at the Ministry said. Payment for the right-year operations and maintenance contract will be split into an EUR176mn foreign-currency tranche and a EGP2.6bn EGP-denominated component. Payment will begin in four years and will be disbursed over an eight-year period. The contracts were initially to be signed back in July.
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