Consortium to build $ 22 bn nuclear plant

Updated 03 May 2013
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Consortium to build $ 22 bn nuclear plant

ANKARA: Turkey’s energy minister has confirmed that the government has picked a Japanese-French consortium to build the country’s second nuclear power plant, a project expected to cost an estimated $ 22 billion.
The deal is expected to be signed by Turkey’s Prime Minister Tayyip Erdogan and his Japanese counterpart Shinzo Abe, who will be visiting Ankara, Energy Minister Taner Yildiz said.
The consortium consists of Japan’s Mitsubishi Heavy Industries Ltd, one of the builders of the Fukushima plants, Itochu Corporation and French utility group GDF Suez, which will operate the 4,500-5,000 MW plant.
The group has pledged to install an Atmea type nuclear plant, built by French nuclear engineering group Areva.
Yildiz said Turkey will also be a shareholder.
“Turkey will have a stake in the nuclear power plant that will be constructed in Sinop,” he said.
The consortium will also carry out work to help determine a site for Turkey’s third planned nuclear power plant, Yildiz added.
Turkey’s scarce energy resources mean it imports almost 97 percent of its energy needs.
Prime Minister Erdogan has been an advocate of the country’s ambitious nuclear program, which aims to help reduce its dependence on hydrocarbon fuels by providing 10 percent of the country’s total electricity needs by 2030.
Russia’s Rosatom is to build Turkey’s first nuclear power station, with its construction due to start in mid-2015 and first power due to flow in 2019, its deputy general manager said in February.
That $ 20 billion plant at Mersin Akkuyu on the Mediterranean coast will also have four power units with an installed generating capacity of 4.8 gigawatts (GW).


Egypt’s parliament passes $11 billion sovereign wealth fund

Updated 17 July 2018
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Egypt’s parliament passes $11 billion sovereign wealth fund

  • The fund will be eligible to participate in all economic and investment activities, including setting up companies and investing in financial instruments
  • Egypt floated its pound currency in November 2016 under a three-year $12 billion IMF program tied to ambitious economic reforms

CAIRO: Egypt is setting up a sovereign wealth fund with a capital of 200 billion Egyptian pounds ($11 billion), the state news agency said on Tuesday.
Former Public Enterprise Minister Khaled Badawi said in March that Egypt was discussing setting up a sovereign wealth fund to manage state companies it plans to list on the stock exchange.
The agency, MENA, did not specifically mention the privatization program, but said: “The fund aims to contribute to sustainable economic development through management of its funds and assets.”
The fund will be eligible to participate in all economic and investment activities, including setting up companies, investing in financial instruments, and other debt instruments in Egypt and abroad, the statement said.
The law, passed by parliament on Monday, approved a 5 billion Egyptian pound start-up capital for the fund called “Egypt Fund,” with 1 billion pounds to be transferred immediately from the treasury, MENA said.
Al-Borsa, a local financial newspaper, quoted Amr El-Gohary, a member of the parliament’s economic committee, as saying that the balance from the start-up capital will be paid over three years as part of the government investment plans.
MENA said the law allowed the president to transfer ownership of any unutilized state assets to the fund or any of its subsidiaries.
It gave no details of when it the fund was envisaged to reach 200 billion Egyptian pounds.
Egypt’s parliament last year passed a long-delayed investment law to streamline doing business in Egypt and to create incentives it hopes will bring back investors’ dollars after years of turmoil.
Egypt floated its pound currency in November 2016 under a three-year $12 billion IMF program tied to ambitious economic reforms, part of a bid to restore capital flows that dried up after its 2011 uprising drove away investors and tourists.