Egypt is expected to generate US$30 billion investments in coal industry within the upcoming 5 years, investment minister Ahsraf Salman said on Tuesday.
The minister stated that the anticipated investments are set to effectively contribute to the development of energy system in Egypt.
Salman made these remarks in a keynote speech at the first Coal Conference in Egypt, entitled “The safe use of coal as alternative energy and its role in supporting the Egyptian economy”, launched on Monday.
The conference, took place 11-12 May, aims to raise awareness on the importance of sustainable development to support the Egyptian economy and to push industrial production, especially in light of the Egyptian government’s decision to use coal within the energy mix, which will be based in the industrial sector.
Salman stated that there are lots of firms that had already started project to generate power by coal such as Orascom Construction (OC) which is carrying out a project in El Hamraween area with investments of US$5 billion.
Orascom Construction (OC) is a leading global engineering and construction contractor primarily focused on infrastructure, industrial and high-end commercial projects in the Middle East, North Africa, the United States, and the Pacific Rim for public and private clients.
The minister noted that there is governmental trend to depend on coal as alternative source not only in generating power but also in heavy industries like cement industry.
China is relying on coal in generating power by 45% while US depending on it by 30%, Salman pointed out.
Salman clarified that Egypt targets adding 30.000 MW within the upcoming 10 years; 8.000MW from coal and other 8.000 MW from renewable energies.
Moreover, he noted that there is greater coordination between ministries of environment, electricity, and investment to keep the standards and regulations of using coal.
