Egypt expects US$30bn coal investments in the next five years

Byjirong

Updated Fri, 15 May 2015 11:50:55 GMT

Egypt: Investments worth US$30bn in the coal industry are expected to be conducted within the next five years, according to Egypt's investment minister Ashraf Salman.

Salman said that there is 'full coordination' between the ministries of environment, electricity and investment to adhere to international environmental standards when using coal. Egypt's cabinet announced new rules on coal use in April 2015, which stipulate that coal imports can only take place after approval from the ministry of environment. The new rules are an amendment to a law on environmental affairs and allow the use of coal for cement, iron and steel, coke and aluminium production and in power plants.

Salman said that using coal as an energy source would decrease the dependency on natural gas as a primary energy source and petroleum products in steel and cement production. Despite the energy crisis, which has caused frequent and numerous power outages for years, the cabinet's approval of new coal use has caused controversy both within the government and outside.