Egypt moves to regulate nuclear power plants

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Egypt moves to regulate nuclear power plants

Egypt seeks to regulate nuclear power plants construction in the country through parliament.Committee on Energy and Environment is already discussing a new law to that effect.

The law with 19 articles aims at the executive authority on the supervision of the construction of nuclear power plants in the country.

The new development comes even as Egypt plans to construct its first nuclear power plant after signing an agreement with Russia in February 2015.

The Dabaa Nuclear plant would have a capacity of 4,800MW. The contracts are currently being finalized, and include clauses on technical support, operation, maintenance, and fuel depots.

The construction of the plant is expected to be completed in 2022, with the first of its four reactors set to start energy production in 2024.

Once the contract’s draft is finalized, it will be sent to the State Council for approval. Upon the Council’s approval, the Egyptian presidency will organize an inauguration ceremony in June to be attended by President Abdel Fattah Al-Sisi and Russian president Vladimir Putin.

Russia will provide a government loan of $25bn to finance equipment and services for construction and operation.

The loan is used to finance 85% of the value of each contract to implement works, services, and shipments of the project. The Egyptian side will pay the remaining amount, representing 15% in the form of installments.

The amount will be paid for the benefit of the authorised Russian institutions in a way that suits the contracts, in the form of an advance or any payment that is made later after implementing works and services and delivering supplies. The term of the loan is 13 years over the period from 2016 until 2028, at a 3% annual interest rate.

Egypt has been considering for a nuclear site for about three decades. The construction of the plant is expected to be completed in 2022, with the first of its four reactors set to start energy production in 2024.