2024-07-16 09:58:04
Foreign energy companies owed $450 million to Egypt’s electricity sector by the end of March, Egyptian media reported, citing government officials.
Al-Sharq News website reported that the dues of foreign energy companies to the electricity sector in Egypt are represented by maintenance contracts concluded by the Egyptian Ministry of Electricity with those companies, in addition to contracts to supply spare parts for electricity generation stations.
The Egyptian Electricity Holding Company concludes contracts with foreign entities, which are often the manufacturers of electricity generation units, in order to maintain these stations. The most prominent of these contracts are with the German company Siemens in September 2018, worth 2.8 billion euros, to maintain and operate 3 power stations in the administrative capital, Burullus, and Beni Suef for a period of 8 years.
The website quoted an official who confirmed that the largest part of the dues is for the American companies Siemens and General Electric, in addition to the French company Schneider Electric, and others.
The official pointed out that Egypt stopped paying dues to foreign energy companies from mid-2023 until last March.
Last updated: July 15, 2024 – 20:21
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2024-07-16 09:58:04