Construction Starts on Egypt’s First Nuclear Plant

A view shows a board with the logo of Russian state nuclear agency Rosatom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 16, 2022. (Reuters)
A view shows a board with the logo of Russian state nuclear agency Rosatom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 16, 2022. (Reuters)
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Construction Starts on Egypt’s First Nuclear Plant

A view shows a board with the logo of Russian state nuclear agency Rosatom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 16, 2022. (Reuters)
A view shows a board with the logo of Russian state nuclear agency Rosatom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 16, 2022. (Reuters)

Construction of a nuclear plant by Russia's state-owned energy corporation Rosatom on Egypt's north coast has begun, according to a joint statement from the company and Egyptian authorities.

The plant at El-Dabaa is Egypt's first and is planned to have four units, each with a generating capacity of 1,200MW, according to the statement posted by the Egyptian nuclear authority late on Wednesday.

Egyptian Energy Minister Mohamed Shaker was quoted as saying the pouring of concrete for the first unit marked an “historic event” for Egypt, made possible by Egyptian-Russian cooperation.

The 4.8-gigawatt plant is located 300 kilometers west of Cairo in the Matrouh province on the Mediterranean.

The construction is expected to be completed in eight years.

Rosatom chief Alexey Likhachev said: “The construction of the first unit of the plant officially marks Egypt’s joining of the nuclear-producing countries.”

It will allow it to reach new levels of technological, industrial and educational development, he added.

He said the El-Dabaa plant is the greatest cooperation project between Russia and Egypt since the construction of the Aswan High Dam.

Egypt has been considering a nuclear plant at El-Dabaa on and off since the 1980s. Contracts for the plant came into effect in 2017, but the start of construction was delayed for several years.

Rosatom received approval from the Egyptian regulator to start construction on the first unit last month.

The plant will use pressurized water reactors similar to those at Novovoronezh and Leningrad nuclear power plants in Russia, and at a Belarusian plant that was connected to the grid in November 2020, the joint statement said.



Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
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Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)

Oil prices ticked up on Thursday after Israel and Lebanon’s Hezbollah traded accusations that their ceasefire had been violated, and as Israeli tanks fired on south Lebanon.

OPEC+ also delayed by a few days a meeting likely to extend production cuts.

Brent crude futures edged up by 30 cents, or 0.4%, to $73.13 a barrel by 1741 GMT. US West Texas Intermediate crude futures were up 23 cents, 0.3%, at $68.93. Trading was thin because of the US Thanksgiving holiday, Reuters reported.
Israel's military said the ceasefire was violated after what it called suspects, some in vehicles, arrived at several areas in the southern zone.
The deal, which took effect on Wednesday, was intended to allow people in both countries to start returning to homes in border areas shattered by 14 months of fighting.
The Middle East is one of the world's major oil-producing regions, and while the ongoing conflict has not so far not impacted supply it has been reflected in a risk premium for traders.
Elsewhere, OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a conflict with another event.
Also supporting prices, OPEC+ sources have said there will again be discussion over another delay to an oil output increase scheduled for January.
"It's highly unlikely they are going to announce an increase production at this meeting," said Rory Johnston, analyst at Commodity Context.
The group pumps about half the world's oil but has maintained production cuts to support prices. It hopes to unwind those cuts, but weak global demand has forced it to delay the start of gradual increases.
A further delay has mostly been factored in to oil prices already, said Suvro Sarkar at DBS Bank. "The only question is whether it's a one-month pushback, or three, or even longer."
Depressing prices slightly, US gasoline stocks rose 3.3 million barrels in the week ending Nov. 22, the US Energy Information Administration said on Wednesday, countering expectations of a small draw in fuel stocks ahead of holiday travel.
Slowing fuel demand growth in top consumers China and the US has weighed on oil prices this year.