Saudi Arabia and Egypt will sign today a memorandum of understanding for an electricity-sharing project between the two countries.
The deal will be signed by the electricity ministers of the two countries.
The project will cost around $ 2.1 billion and is aimed at exchanging electricity up to 3,000MW at peak hours between the two countries.
The Kingdom will pay $ 1.5 billion to build the network in its territory while the Egyptian government will pay $ 600 million to cover the remaining cost of the network lines on its land.
The length of the line will be 1,300 km, of which 450 km will pass through Egyptian territory. Part of the transmission line (some 20 km) will be laid under the sea.
Undersecretary of the Egyptian Ministry of Electricity Ahmed Mohammed Mahina said the project will start early next year.
After the signing of the MoU, the project will be offered in a public tender for contractors to compete.
The project is expected to be completed in three years, he said.
Experts said the electricity inter-connection project between the two countries is the only solution to address power cuts at peak hours in both countries.
The Kingdom has announced the completion of project designs and said it will cover all areas of Saudi Arabia.
From Arab News