The Egyptian General Petroleum Corporation (EGPC) and the Egyptian Electricity Holding Company (EEHC) have signed a cooperation protocol targets selling 20 mobile electric generators of model “+TM2500” at a capacity of 25 megawatts for each, a press release declared.
Prime Minister Mostafa Madbouly witnessed the signing that took place between the Minister of Petroleum and Mineral Resources, Tarek El Molla and the Minister of Electricity and Renewable Energy, Mohamed Shaker.
According to the signed protocol, the 20 generators’ value will be paid through set-off between petroleum and electricity sectors through which the EEHC and its affiliated companies’ debts due to the petroleum sector will decrease.
Madbouly explained that this agreement came as a part of the state’s efforts to settle the financial entanglements between the ministries and the governmental bodies which were accumulated over the years. He noted that these actions are important to maximize the exploitation of untapped assets and achieve the public interest.
Shaker elaborated that the government adopted an urgent plan to address the crisis of electric outages that used to occur in 2014 in order to continue supplying electricity to the sectors without lessening the loads. He added that this agreement is a part of the state’s policy in this regard by selling these mobile devices to the petroleum ministry to be used in its activities.
For his part, El Molla affirmed the desire of the two parties to achieve mutual interest. He indicated that those devices will supply refineries and production companies with the electricity they needed.