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.



Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
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Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo

The Spanish government has given the green light to Saudi Arabia's largest telecoms operator, STC Group, to raise its stake in Telefonica beyond 5% and reach 9.97%, Economy Minister Carlos Cuerpo said on Thursday.

Cuerpo confirmed an earlier report by El Pais newspaper during a news conference following the cabinet's weekly meeting in which the stake increase was approved, Reuters reported.

"Measures and conditions have been set and accepted voluntarily by the Saudi company to ensure that (the operation) takes place," Cuerpo told reporters.

He said the government's decision followed an "exhaustive analysis based not only on compliance with current legislation but also to guarantee the national interest in defense and ensure the strategic element in telecommunications".

Last year, STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder.

The Saudi group said at the time it owned a 4.9% stake in Telefonica and financial instruments giving it another 5% in what it called economic exposure to the company.

The Spanish government had to authorize the deal as Telefonica is considered a defence service provider and therefore a strategic company.

The Saudi company has said it does not intend to gain control of or a majority stake in Telefonica.