Egyptian General Authority for Suez Canal Economic Zone (SCZone) signed a Letter of Intent (LOI) for a contract with Singaporean Hyflux company to establish water desalination and power plants.
Chairman of SCZone Ahmed Darwish said that the two plants are set to be established in Ain Sukhna with investment cost estimated at US$500 million.
The agreement -that was signed in the attendance of Trade Minister Tarek Qabil- is valid for 25 years, the chairman said.
The power plant is set to be established over 28 months and will operate by combined cycle gas turbine with the capacity of 457 MW, Darwish added.
Meanwhile, the desalination plant is designed to be built over 20 months to produce 150,000 cubic metres of water per day to provide region’s needs of energy until 2020.
Chairman Darwish pointed out that there are al lot of investment opportunities available for Singaporean firms notably in fields of infrastructure, ports, and added value services.
Hyflux is a global leader in sustainable solutions, focusing on the areas of water and energy providing cost-effective and innovative solutions that contribute to resource optimisation and sustainable growth for communities and industries.