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Australia To Advise Egypt For Its First Nuclear Plant

Australian energy group Worley Limited has won a contract to advise Egypt in building the country’s first ever nuclear power plant. The ASX-listed Worley – formerly WorleyParsons – said the contract with Egypt’s Nuclear Power Plants Authority announced recently was for the construction of a nuclear plant at El Dabaa, west of Alexandria, on the Mediterranean coast. Worley will provide services including engineering and design review, project management, procurement, construction management and training. The company did not disclose the value of the contract.

The Russian built and funded power plant will have four pressurised water reactors with a full-load capacity of 4800 megawatts. Worley has worked with Egypt’s nuclear power authority since 2009 and the new contract runs until 2030. Worley has been locked in battle with its largest shareholder, the Dubai-based Dar Group, which bought a 19.9 per cent stake in 2017 and has crept up the register to its current 23 per cent holding. Worley was hit with a first strike at its annual general meeting in October when almost 31 per cent of votes were cast against its executive remuneration report. Worley shares were down 0.6 per cent at $15.43 at midday following the announcement. The stock has climbed 36 per cent in value during 2019.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

source: smh.com.au