Siemens Rolls Out Egypt Plants
Siemens benefited from a €3.1bn order from Egypt during the January-March quarter for the new Burullus and New Capital power plants, including long-term service contracts, it said in quarterly earnings on May 4. The two projects, each of 4.8 gigawatts, reached financial close on March 31.
Execution of a prior Egyptian order also progressed: four out of 8 turbines were shipped to the Beni Suef power project, also 4.8 GW, which had reached financial close on December 31 2015.
The German engineering giant is providing technology under Egypt's 'Megaproject' for the three 4.8 GW combined cycle gas-fired plants, as well as 12 windparks with some 600 wind turbines, in Egypt. Siemens has committed to train 600 Egyptian engineers and technicians – in collaboration with the Egyptian Ministry of Electricity and Renewable Energy - to run the new plants, and said a month ago it had begun training the first among them.
Major power generation orders in Egypt and also UK windfarms helped drive the group's orders that quarter up 7% year-on-year to €22.3bn. However net profit fell 63% to €1.44bn, because its January-March 2015 figure was inflated by €3bn of one-off gains. For the full May 4 results breakdown, see the full NGE article.
Murat Basboga and Mark Smedley
National Iranian Gas Company and OTC sign Memorandum of Understanding with Siemens.https://t.co/VQEYiT1HXD pic.twitter.com/bXfIUZMwLE
— Natural Gas World (@NatGasWorld) May 4, 2016