Arab Energy is finalizing all necessary approvals to supply the first floating 200MW power plant, with investments worth more than $180m. The plant will be located in an Egyptian port, to connect its production with the transport network and deliver energy to the company’s clients.

In a statement to Daily News Egypt, Arab Energy Chairman Khaled Abu Bakr said that final approvals from the authorities are underway. Stipulations to supply a floating power plant with a 200MW capacity are also being finalized.

He said that contracting for the purchase of a floating power plant is ongoing, whereby the plant will be supplied by an Asian company. The search for a port for the plant is ongoing in order to connect the plant with the national grid, Abu Bakr added.

He expected the plant to begin operating four months after contracts are signed and approved by different authorities.

The company will import fuel for the plant with the opening of the import market and the liberalization of the fuel market, he added.