Hi Egypt hires German firm to bore transport tunnels under Suez Canal.

Hi Egypt hires German firm to bore transport tunnels under Suez Canal.

CAIRO/FRANKFURT (Reuter) - Egypt will use machines made by a German firm to bore at least four tunnels under the Suez Canal, part of an $8 billion project to expand the waterway that the government hopes will raise revenues and foreign currency reserves.

Unlisted Herrenknecht AG was discussing contract details, a spokesman for the company said on Friday, giving no details.

Kamal al-Waziri, chief of staff of the Egyptian armed forces' engineering division, had said on Thursday that the army had contracted a German company to provide machines for three car and train tunnels in Port Said, the northern outlet of the canal into the Mediterranean Sea. The tunnels are being built by Orascom Construction and other Arab contractors.

Half of the budget for expanding the canal was allocated for building six tunnels, the Suez Canal Authority said last week.

Egypt has been battered by political turmoil and violence for more than three years and the government of President Abdel Fattah al-Sisi hopes the expansion will almost triple revenues from the waterway by 2023 to $13.5 billion from $5 billion.

Sisi, the former army chief who has put infrastructure mega-projects at the top of his economic agenda, called for the new canal to be built within one year, instead of the five years recommended by international experts.

The development will run alongside the existing 145-year-old waterway - the fastest shipping route between Europe and Asia.

(Reporting by Stephen Kalin in Cairo and Hans Seidenstücker in Frankfurt; Editing by Louise Ireland).

Hi KEPCO to build Korean Nuclear Plant in Egypt!.

Hi KEPCO to build Korean Nuclear Plant in Egypt!.

Lee Hee-yong (4th from left), chief of the KEPCO nuclear plant export division, poses with colleagues for a photo commemorating a signed working agreement with Egypt's Arab Contractors in Cairo, Egypt, on Nov. 5.

Korea Electric Power Corporation (KEPCO) held “Korean Nuclear Industry Roadshow” at Cairo, Egypt from Nov. 5 to 6.

Korea Hydro & Nuclear Power, KEPCO Engineering & Construction Company, Doosan Heavy Industries & Construction, Hyundai Engineering & Construction, Daewoo Engineering & Construction, and Daelim Building participated in the event to promote the export of Korean nuclear plants to Egypt.

The participants discussed ways for mutual cooperation with the topics of the excellence of Korean nuclear plants, workforce training, and localization.

KEPCO said that South Korea signed an MOU with Arab Contractors, the number one builder in Egypt's construction industry, gaining a competitive advantage over other nations in the Egyptian nuclear plant market.

The Egyptian government is planning to give public notice of an international bid for building the second new nuclear plant at El-Dabaa early next year.

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