Citadel’s TAQA Inaugurates Hurghada Power Station Natural Gas Supply Project
Minister of Petroleum, Engineer Sherif Ismail and Red Sea Governor Major General Ahmed Abdullah, accompanied by the Minister of Tourism, Dr. Hisham Zaazou, inaugurated the project of operating Hurghada Power Station with natural gas instead of subsidized diesel oil that implemented by Citadel Capital (CCAP.CA) affiliate “TAQA Arabia Company”.
The power station’s capacity reaches 150 Megwatt, feeding tourist hotels and establishments in the city. His Excellency the Petroleum Minister attended a ceremony marking the completion of the first phase of a project for supplying natural gas to 50,000 houses, 136,000 commercial clients and bakeries, 26 hotels and two petrol stations, in addition to expanding the main pressure decreasing station.
The ceremony was attended by Ministry of Petroleum Undersecretary for Gas Affairs, Engineer Sherif Sousah, Chairman of the General Egyptian Authority for Petroleum, Engineer Tarek Al-Mola, Chairman of the Egyptian Natural Gas Holding Company (EGAS), Engineer Taher Abdel Rahim, TAQA Arabia Board Chairman, Engineer Khaled Abo Bakr and several representatives of the Ministry of Petroleum and TAQA Arabia Company leaders.
TAQA Arabia Executive Managing Director, Pakinam Kafafi, stated that such a project, implemented by the Company under the supervision of the Ministry of Petroleum and Egyptian Natural Gas Holding Company (EGAS), takes place within a package of encouraging procedures. These procedures are undertaken by the Egyptian government to provide methods aimed at easing people’s suffering in reaching gas cylinders, decreasing of subsidy burden in the State budget and boosting tourist activities. This will take place while tourist and commercial establishments continue operating in Hurghada city with high efficiency. It is noteworthy that the total investments for the first and second phases amount to L.E. 230 million.
TAQA Gas Managing Director, one of TAQA Arabia Companies, Tarek Al-Hawary, indicated that supplying the power station with natural gas instead of subsidized diesel will save annually around L.E. 2.2 billion. Also, ending the first phase of providing natural gas to commercial and house clients, instead of diesel oil and gasoline, will also save L.E. 120 million annually. He confirmed that, supplying natural gas to Hurghada 150 Megawatt capacity power station, took place in a timely manner; the network and stations are designed according to the highest international level of operation safety and efficiency technology. Moreover, the future third phase for Hurghada city is estimated at L.E. 85 million, to supply natural gas to 50 hotels on the southern tourist marina of Hurghada city and new residential areas, thus reaching an amount of 10,000 houses and commercial clients.
