Oil Egypt accountACCOUNT King Tut

Vestas Shares Rise on Expected Turbine Deal with Egypt

Source: Reuters 8/22/2016, Location: Egypt

Share |
Shares in Danish wind-turbine maker Vestas rose almost 5 percent on Monday after a minister said it expects to sign a cooperation agreement with the Egyptian government worth up to 2 billion euros ($2.3 billion).

The agreement could lead to as much as 2.2 gigawatt (GW) of orders, the Danish ministry of energy, utilities and climate said in a statement.

Energy Minister Lars Lilleholt is visiting Egypt on Aug. 22 and 23 to lobby for the deal.

"Vestas is continuing discussions with the authorities and we expect to sign the cooperation agreement, some time shortly after the trip, maybe during," Vestas' Chief Press Officer, Michael Zarin told Reuters.

He underlined that the agreement could amount to up to 2.2 gigawatts through multiple orders, rather than a single order.

Vestas shares closed 4.8 percent higher at 565 Danish crowns each.

Vestas erected its first turbine in Egypt in 1995 and currently provides turbines for 10 percent of Egypt's wind power.

Its second-quarter results showed 46 percent revenue growth and an increase in operating profit before special items of 175 percent, sending its shares up 9 percent. It said orders in the second quarter totalled 1,790 MW. ($1 = 0.8845 euros) ($1 = 6.5727 Danish crowns)

Egypt >>  2/13/2018 - SDX Energy Inc. (SDX), the North Africa focused oil and gas company, is pleased to provide an operations update. ...
Egypt >>  2/12/2018 - Egyptian oil minister Tarek El Molla announced an agreement with an international company to conduct a seismic survey of the Gulf of Suez to attract e...

Egypt >>  2/12/2018 - BP announced the start of gas production from the Atoll Phase One project, offshore Egypt. The project, in the North Damietta concession in the East N...
Egypt >>  2/12/2018 - President Abdel-Fattah El-Sisi inaugurated the second edition of the Egypt Petroleum Show (EGYPS), which brings together oil and gas industry executiv...

Egypt >>  2/12/2018 - DEA Deutsche Erdoel AG announces a significant increase of production from its oil fields in the Gulf of Suez and from the Disouq gas fields in the On...
Egypt >>  2/11/2018 - Energy group DEA plans to invest nearly $500 million in developing its oilfields in Egypt over the next three years, its chief executive office said. ...

Related Categories: Biomass Energy  General  Geothermal Energy  Hydropower  Photovoltaic Solar Energy  Solar thermal Energy  Wind Energy 

Related Articles: General  Hydropower  Photovoltaic Solar Energy  Wind Energy 

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us