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 >>  2/20/2020 - United Oil & Gas Plc (UOG) is pleased to announce the satisfaction of the regulatory conditions attached to its proposed acquisition (Acquisition) of ...
Egypt >>  2/19/2020 - The Egyptian-Jordanian Fajr for Natural Gas Transport and Supply Company said that the export of Egyptian natural gas "will be resumed to Jordan withi...

Egypt >>  2/14/2020 - SDX Energy Plc is pleased to announce that the SD-6X (Salah) well at South Disouq in Egypt (SDX 55% working interest) has commenced drilling operation...
Egypt >>  2/13/2020 - Mohamed Shindy, Methanex Egypt Managing Director and Eng. Abed Ezz El Regal, The Egyptian General Petroleum Corporation (EGPC) CEO, signed a Memorandu...

Egypt >>  2/12/2020 - Italian energy group Edison has begun drilling an exploratory well in deepwater acreage in Egypt, not far from other giant east Mediterranean gas fiel...
Egypt >>  2/12/2020 - Neptune Energy signed an operated exploration licence with the Egyptian General Petroleum Corporation (EGPC) for Egypt’s North West El Amal Offshore C...

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

Related Articles: General  Hydropower  Photovoltaic Solar Energy  Solar thermal 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