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European corporation to build line transmitting electricity with Cyprus: sources

Monday 10 September 2018 08:16 PM


By Omar Salem
Egypt and Cyprus reached an agreement with a renowned European corporation for transmitting electricity at USD1.5bn costs, according to informed sources.  
The informed sources declined to name the company but they told Al-Mal newspaper that final pertinent contracts will be signed by 2019 in the presence of presidents of Egypt, Cyprus and Greece.
" The European company will finance the project in return for fees paid jointly by Egypt and Greece against transmitting electricity," said the sources, adding that the giant project require linking the two countries with  large under-sea cables.
As several Egypt-based companies may take part in contruction, the transmission line, slate to be built in the span of 36 months,  will be extended later on to Greece, then to the rest of Europe.
Transmission fees remain a contentious unsettled issue among the parties, but pricing of electricity sold through the line will be specified in accordance with London Energy Exchange.
With it accessing Egypt at a point to the West of Damietta by 100 km, the transmission line will exchange capacity of 3000megawatt, driving Egypt to become the  electricity hub of  three continents.