Egyptian Steel plans to pump $600m to establish power station

Businessman and Chairman of Egyptian Steel Ahmed Abu Hashima said on Thursday that his company is mulling over pumping 600 million US dollars in investments to establish a power station with a capacity of 140 megawatts.
"About 100 megawatts of the project will contribute to solving the power crisis in Egypt while the other 40 megawatts will be used by the factories of the Egyptian Steel," Abu Hashima told MENA on the sidelines of his participation of Egypt Economic Development Conference (EEDC) which will kick off on Friday.
"Contracts were signed with Siemens and Mitsubishi for preparations of studies required for the project," he added.
He stressed that his company seeks to increase its investments in the Egyptian market which has the greatest potential for growth during the coming period.