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The Egyptian government is reconsidering its decision to sell the Beni Suef Power Plant, which was constructed by Siemens, under the state’s initial public offering (IPO) program, government sources told Al Arabiya Business.
The sources explained that interested investors and the Egyptian government have been in talks for the past few months regarding this matter.
However, they have not reached an agreement on how to secure the gas needed to power station or how to obtain guarantees from the government in favor of potential purchasers regarding the government’s ability to supply gas, the sources added.
During the negotiations, it was proposed that the buyers should be responsible for securing fuel for the station as part of the acquisition deal, but this proposal was rejected by the interested investors, the sources pointed out.
The sources also revealed that the acquisition plans have not been approved yet by the German lenders that are financing the plant.
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