Egypt and Saudi Arabia sign power and oil financing deals worth US$350mn

powerline-hopeabrams-flickrEgypt has signed financing agreements worth US$350mn with Saudi Arabia to overcome its ongoing power crisis

According to Reuters, Egypt plans to upgrade its power grid and secure petroleum exports to end the power deficits in the country. The country has been facing power cuts and there isn’t sufficient gas to power the stations.

The Egypt government’s officials revealed that two loan agreements worth US$100mn would be invested in two electricity stations at western Damietta and El-Shabab. The El-Shahab station will be converted into a complex by adding two steam turbines, each with a 500MW capacity. Meanwhile, the western Damietta Station will receive one steam turbine with a capacity of 250MW.

Additionally, US$250mn will be spent on petroleum products. The Kingdom has provided a soft loan package to Egypt that covers housing, water, irrigation, sanitation, electricity and energy projects, added government officials.

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