Egyptian Prime Minister Mostafa Madbouly met with Nei Chen, Chairman and General Manager of China Power Engineering Company, during his recent visit to China to participate in the Shanghai Cooperation Organization Plus Summit in Tianjin.
The two discussed the huge investments made by the company in many countries, as it is one of the prominent names in the energy sector, active in 147 countries around the world. Ni Chen pointed out that his company has a team of experts in energy fields, and has completed 14 projects since entering the Egyptian market in 2009. The company also moved its regional office to Cairo, reflecting its great confidence in the Egyptian potential.
Plan to invest in seawater desalination project
He added that there is a plan to invest in the seawater desalination project, noting its commitment to promoting sustainable development and reducing carbon emissions. He also proposed cooperation in the fields of renewable energy and energy storage, stressing his company’s intention to invest $1 billion over the next five years, with the aim of making Egypt a hub for its activities in the region.
Ni Chen also referred to ongoing talks with Egypt’s Ministry of Electricity and Renewable Energy on ways to cooperate in power generation and localization of new technology in the country.
Egypt aims to produce 42% of its renewable energy needs
For his part, Dr. Mostafa Madbouly said that the Egyptian government aims to produce 42% of its renewable energy needs by 2030. He pointed to the importance of energy storage strategies, expressing his aspiration to work with the company to promote renewable energy components in Egypt, especially in light of the growing demand of 5-6 GW annually, in addition to Egypt's desire to export energy to European markets.
The Prime Minister also stressed that the government is ready to provide the necessary incentives and support for various projects, stressing the importance of continuous coordination with the Prime Minister to ensure the success of these vital initiatives.
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