Asian banks and companies compete to win Egypt nuclear tender

Korean and Japanese companies and banks announced that they will submit bids for the construction of the first nuclear power station in Egypt. The tender will be launched within a few weeks, and the station is estimated to cost US$4 billion.

CEO of Toshiba International Corporation Massaki Ousumi said, during his last visit to Cairo, that his company would submit its offer once the Ministry of Electricity launches the tender.

Ousumni asserted that his company has extensive experience in the field of nuclear power station construction as it has multiple activities in neighboring countries. He said that they work in an international coalition led by Korea Electric Power Corporation (KEPCO). The coalition won a contract worth US$20.4 billion for the construction of four nuclear power stations in the UAE to be completed in 2017.

He expected fierce competition between companies to construct Egypt's first nuclear station.

The capacity of the units required is expected to range between 900 and 1650 megawatts, said Ousumi.

The South Korean minister for strategy and finance, Yoon Jeong-Hyun, announced that South Korea’s Export-Import Bank and other banks are ready to finance the nuclear project. He also said that South Korea is willing to share in building infrastructure and transportation projects in Egypt as well.

Egyptian Finance Minister Assistant Hani Qadri said that South Korea and other countries have showed interest in the Egyptian nuclear project. Qadri reported that the Egyptian Finance Minister Boutros Ghali said the Koreans are offering loan interest rates at less than market cost.

The Ministry of Electricity announced that companies other than KEPCO are to submit offers for the Egyptian project. The companies include Westinghouse Electric Company (American), Rosatom Nuclear Energy State Corporation (Russian), Alstom Company (French), China National Nuclear Corporation, and Atomic Energy of Canada Limited.

The tender will be launched by the Egyptian Nuclear Power Plants Authority (NPPA). It will include light water reactor technology in two identical nuclear plants.

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