Minister of Electricity Mohamed Shaker is set to present a detailed memo to the president next week, on the latest developments of the Dabaa nuclear plant negotiations with Russian company Rosatom.
A government source told Daily News Egypt that negotiations are very accurate and discrete. both parties are discussing the safety of reactors during the establishment phase and the provision of nuclear fuel. “Every decision will be final,” he stressed.
The source said added that the consultant hired by the Ministry of Electricity has attended all negotiations, and 90% of the contracts are finalised.
The Ministry of Electricity has banned all its officials from discussing the negotiations.
Shaker told Daily News Egypt that the negotiations are in their final stage.
The source also said that a high-level Russian delegation will arrive in Cairo next week to follow up the project site measurements in Dabaa.
The Egyptian government agreed with Rosatom to establish Dabaa nuclear power plant with a 4,800MW capacity. The agreement includes building nuclear fuel storage facilities to supply the nuclear plant with the required nuclear fuel throughout the 60-year operational period. Rosatom will also manage nuclear waste, maintenance, and operations for 10 years.
Russia will provide Egypt with a $25bn loan to finance the necessary construction equipment and the operation of the plant in Dabaa.
The loan is used to finance 85% of the value of each contract to implement works, services, and shipments for the project. The Egyptian side will pay the remaining 15% in the form of instalments. The amount will be paid for the benefit of authorised Russian institutions according to the contracts, either in the form of an advance or as a payment that is made later after implementing the works and services, and delivering supplies. The loan has a 13-year term from 2016 to 2028, with a 3% annual interest rate.