OCI-IPIC Alliance inks MoU with Egypt for Coal-fired Power Plant

Orascom Construction, the Engineering & Construction Group wholly owned by OCI N.V., and the UAE’s International Petroleum Investment Company (IPIC), have signed a memorandum of understanding (MoU) with the Egyptian government to formalise the parties’ cooperation in the development of a 2,000 – 3,000 Megawatt (MW) coal-fired power plant in Egypt.

According to the terms of the MoU, the Orascom Construction-IPIC consortium is given an18-month exclusivity on a site location in the vicinity of El Hamarawein port on the Red Sea coast, a statement issued by OCI N.V. highlighted, adding that the consortium is allowed to conduct and finalise all relevant project studies, an important step in executing the project.

The signing ceremony was attended by the Egyptian Prime Minister Ibrahim Mahlab; Minister of Electricity Mohamed Shaker; IPIC’s Director of Investments Mohamed Al Mehairi; and Orascom Construction’s CEO Osama Bishai.

Further details relating to the project will be announced in due course, the statement concluded.