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28 Dec, 2015 11:45

Moscow, Cairo to ink $26bn nuclear plant construction deal in Q1 2016

Moscow, Cairo to ink $26bn nuclear plant construction deal in Q1 2016

The contract to construct Egypt’s first nuclear power plant is expected to be signed by Russia and Egypt in the first quarter of 2016, according to a source from Russian nuclear agency Atomstroyexport.

“We plan to sign contract worth $26 billion in the first quarter [of 2016 – Ed.],” the source told journalists on Monday, according to TASS.

The agreement on building a plant was reached by the two countries earlier this year. As part of it, Russia will provide Egypt with $25 billion in credit to begin construction. It will cover 85 percent of the costs; Egypt has to provide the remaining 15 percent.

The plant will be built in Dabaa which is about 130 kilometers south of Cairo, it will comprise four 1200 MW nuclear reactors.

Moscow will also provide staff and scientific research for the project. The Russian nuclear agency Rosatom will construct two of the plant’s reactors using Russian technology.

The joint Russia-Egypt project will be one of the largest for the countries; it aims to help meet Egypt’s increasing energy demand. During a February visit to Cairo, Russian President Vladimir Putin announced that Russia will contribute to building “a whole new nuclear power industry” in Egypt.