Oil and Gas

Egypt signs $430-million natgas deal at investment forum

CAIRO, Nov 23 (Reuters) - Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company’s pipeline.

Under another Noble agreement, which will also be financed by the U.S. International Development Finance Corporation, the energy company will manufacture petroleum products in partnership with Egyptian company Dolphinus Holdings.

The cabinet detailed the plans at the end of an Africa investment forum held on the site of the country’s planned new administrative capital in the desert east of Cairo.

Amsterdam-based Lekela also announced the start of construction work on its West Bakr wind power plant, which will have a capacity of 250 megawatts and require a total investment of $350 million.

Lekela CEO Chris Antonopoulos said Siemens Gamesa will build the West Bakr plant in the Gulf of Suez, which is expected to create 550 jobs, according to the cabinet statement. (Reporting by Momen Saeed Atallah Writing by Yousef Saba Editing by Helen Popper)