Egypt's Orascom Joins Spanish Group to Build 3-GW Gas-Fired Plant in Saudi Arabia
An Egypt-based construction group is partnering with a Spanish energy infrastructure company to build a 3-GW combined-cycle natural gas-fired power plant in Saudi Arabia. Orascom Construction, headquartered in Cairo, on March 24 said its 50-50 joint venture with Spain's Técnicas Reunidas was awarded a $2.6-billion contract to build the Qurayyah IPP Expansion Project power station in the Eastern Province of Saudi Arabia. The engineering, procurement, and construction contract was signed with Hajr Two Electricity Co., a consortium that includes ACWA Power, Saudi Electricity Co., and Haji Abdullah Alireza & Co. Ltd. The power plant will have technology for carbon capture. The project also includes construction of a 380-kW substation. Saudi Electricity Co. in February said it had signed a power purchase agreement with the Saudi Power Procurement Co. for the energy from the expansion project. The new facility provides more electricity in a region that includes the original Qurayyah IPP power station, a nearly 4-GW gas-fired plant that has operated since 2015. Osama Bishai, CEO of Orascom Construction, said, "We continue to deliver on our geographic diversification strategy with a particular focus on key sectors such as power and water. This project exemplifies the type of opportunities that we actively pursue where we can leverage our expertise to deliver high-quality projects and maximum value. It also builds on our success in the power sector most recently in Egypt, and we look forward to making a similar significant impact in Saudi Arabia. We are also pleased to partner with Técnicas Reunidas on this large-scale project and to extend our partnership in Saudi Arabia and the region."
Qurayyah is among several projects being designed to increase Saudi Arabia's power generation from natural gas, as state-owned oil and gas company Aramco ramps up production. Those projects are being supported by international energy groups and engineering firms. Siemens Energy earlier in March was awarded a $1.6-billion project that has Harbin Electric International as the EPC contractor. That deal includes supplying technologies for the Rumah 2 and Nairyah 2 gas-fired power plants in Saudi Arabia. Those stations are located in the western and central regions of the country. Rumah 2 and Nairyah 2 will 3.6 GW of power generation capacity to the Saudi grid. The two plants initially will operate in simple-cycle mode, then transition to full operation as combined-cycle power plants by 2028. Orascom Construction PLC is a leading global engineering and construction contractor with a footprint covering the Middle East, Africa and the U.S., and operations encompassing the infrastructure, industrial, and commercial sectors. Orascom has projects either online or under construction in the Middle East and Africa with total generation capacity of more than 30 GW. That includes two 4.8-GW combined-cycle gas-fired facilities in Egypt. —Darrell Proctor is a senior editor for POWER.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
18 minutes ago
- Yahoo
Feds seek to ditch settlement over alleged redlining with North Jersey bank
The Trump administration is asking a judge to drop a 2022 settlement the Justice Department had reached with North Jersey-based Lakeland Bank — which was later absorbed by Provident Bank — over allegations of redlining against Black and Hispanic customers. While Provident Bank said it will continue to provide low-cost mortgages to underserved communities, the motion by the U.S. Justice Department to abandon the settlement has drawn the ire of community advocates and legal experts, who say it would make it easier for banks to engage in redlining. 'It goes without saying it's a good thing when financial institutions are complying with those consent orders, but when you take away the teeth — the actual enforcement — who's to say that they will continue to comply,' said Leila Amirhamzeh, director of community reinvestment for New Jersey Citizen Action, a consumer advocacy four-page motion by the Justice Department, filed May 28 in U.S. District Court, seeks to terminate the consent order the Biden administration negotiated with what was then Lakeland Bank. In the initial complaint, the Justice Department said Lakeland violated the federal Fair Housing Act and Equal Credit Opportunity Act by deliberately avoiding banking with Black and Hispanic customers, particularly in and around Newark. The discrimination in question allegedly took place between 2015 and 2021, according to the Biden administration. To settle the complaint, Lakeland agreed to pay $12 million to subsidize mortgages, home improvement loans and home refinancing loans for Black and Hispanic residents and open two branches in underserved neighborhoods. Lakeland also had to provide $150,000 a year for advertising, outreach and consumer finance education in the Newark area. Newark Mayor and Democratic gubernatorial candidate Ras Baraka wanted one of those new branches to be in his city, and the Greater Toms River Chamber of Commerce also wanted a branch in its area. According to the Provident Bank website, there are currently four locations in Newark and three in Toms River. After acquiring Lakeland, Provident took ownership of the settlement and the mandate to open two branches in underserved areas of New Jersey. The Justice Department in its motion to terminate the order said Lakeland reached substantial commitment to comply with the consent agreement and it is committed to continuing its disbursement of the loan subsidy. Provident spokesperson Keith Buscio told and the USA TODAY Network New Jersey that the bank remains committed to the loan subsidy initiative. He said Provident is not a party to the litigation and referred other questions to the Justice Department. The Justice Department could not immediately be reached for comment. Baraka's office in Newark said it is planning to hold a press conference about the motion by the Justice Department on June 5. Court filings show two attorneys who helped file the initial complaint against Lakeland, Michael Campion and Susan Millenky, withdrew as counsel from the case. Campion was appointed in 2022 to lead the U.S. Attorney's Office's Civil Rights Division that was created to enforce federal civil rights laws in New Jersey. The Fair Housing Act was passed as part of the Civil Rights Act of 1968 to prohibit landlords and mortgage lenders from discriminating based on race, religion, national origin or sex. Nearly 60 years later, racial wealth disparity remains vast. In New Jersey, the median household wealth of white families is $322,500, compared with $17,700 for Black families and $26,100 for Hispanic families, the New Jersey Institute for Social Justice said. In New Jersey, 77.3% of white residents owned a home in 2020. By comparison, 42.8% of Black residents and 32.7% of Hispanic residents were homeowners, according to the Urban Institute, a research group. Critics said the Justice Department's motion to drop the Lakeland settlement is a step by the Trump administration's bid to reverse diversity, equity and inclusion programs. David Troutt, a professor at Rutgers Law School in Newark, said the motion by the Justice Department to terminate the consent decree is part of a larger campaign by the department to rescind investigations and agreements involving anti-Black racism, while beginning investigations into what it deems 'illegal DEI.' 'The Trump administration's withdrawal from a federal consent decree without justification is an extraordinary act of endorsing racist practices and housing market manipulation,' Troutt said. 'For the very government that successfully enforced those borrowers' civil rights to now repudiate them sends a message unlike any we've seen since the federal government first endorsed redlining in the 1930s,' Troutt said. Lakeland isn't the only New Jersey bank that faced scrutiny under the Biden administration. Toms River-based OceanFirst Financial Corp. agreed to pay $14 million to subsidize mortgages, helping settle a lawsuit that alleged the bank violated federal discrimination laws. Since then, it has improved the rating given by federal bank regulators who oversee investments in underserved communities to 'outstanding.' The Justice Department hasn't filed a motion seeking to terminate the consent order with OceanFirst. But two attorneys who represented the U.S. in the initial complaint, Millenky and Nathan Shulock, have filed motions to withdraw from the case, according to the court docket. A combined 22 Provident and Lakeland branches closed in 2024 following the $1.3 billion merger creating a 'super community bank.' Each branch that closed was within roughly three miles of a nearby branch. Activists and opponents warned that the merger would mean fewer banking services would be available for underserved communities, such as people of color, the elderly and disabled. New Jersey Citizen Action applauded Provident for its continued commitment to the terms of the consent order. But the group said the Justice Department should continue to enforce it. 'When you actually terminate these consent orders, there's no deterrence, and it's basically telling financial institutions that the Department of Justice is going to be taking a hands-off approach to fair lending issues, to redlining,' New Jersey Citizen Action's Amirhamzeh said. Daniel Munoz covers business, consumer affairs, labor and the economy for and The Record. Email: munozd@ Twitter:@danielmunoz100 and Facebook Michael L. Diamond is a business reporter for the Asbury Park Press. He has been writing about the New Jersey economy and health care industry since 1999. He can be reached at mdiamond@ This article originally appeared on Feds seek to drop Lakeland Bank settlement over alleged redlining
Yahoo
33 minutes ago
- Yahoo
Calvin Butler Elected Chair; David Campbell and Chris Womack Elected Vice Chairs of EEI Board of Directors
NEW ORLEANS, June 3, 2025 /PRNewswire/ -- Calvin Butler, president and CEO of Chicago-based Exelon, today was elected chair of the board of the Edison Electric Institute (EEI), the national association of investor-owned electric companies. David Campbell, chairman and CEO of Kansas City, Mo.-based Evergy, and Chris Womack, chairman, president, and CEO of Atlanta-based Southern Company, were elected vice chairs. EEI's Board elected Butler, Campbell, and Womack during the institute's annual meeting in New Orleans. EEI's chair rotates on an annual basis, and Butler succeeds Maria Pope, president and CEO of Portland, Ore.-based Portland General Electric. "EEI and our member electric companies are grateful to Maria Pope for her strong and steadfast leadership as EEI chair," said EEI interim President and CEO Pat Vincent-Collawn. "Maria's commitment to providing customers with safe, reliable, and resilient clean energy and to bringing new energy solutions forward is unwavering. She has been instrumental in shaping a multi-year strategic roadmap for our members that prioritizes customer affordability, and she continues to play a critical role in helping our industry identify comprehensive national solutions to mitigate risks from wildfires." "We also are proud to announce that Calvin Butler was elected EEI Chair for the 2025-2026 cycle," added Vincent-Collawn. "With demand for electricity rising at the fastest pace in decades, Calvin's leadership will be essential as EEI's member companies work to advance our shared policy priorities and to deliver the reliable, secure electricity that powers our nation's economy." "Our industry stands at an exciting crossroad, with new challenges, historic levels of investment, and burgeoning technologies like artificial intelligence that are redefining America's energy future," said Butler, who most recently served as an EEI vice chair. "I look forward to working with EEI and its member companies to ensure that we continue to meet the evolving needs and expectations of our customers, while at the same time working to keep their bills as low as possible." Calvin Butler is president and CEO of Exelon, the parent company of six local energy companies, including Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. Together, they serve approximately 10.7 million electric and natural gas customers in New Jersey, Maryland, Illinois, Delaware, Pennsylvania, and the District of Columbia. David Campbell joined Evergy in January 2021 as president and CEO and, in May 2024, became chairman and CEO. Under Campbell's leadership, Evergy focuses on providing safe, affordable, and reliable service to its 1.7 million electric customers in Kansas and Missouri. Chris Womack is the chairman, president, and CEO of Southern Company, which serves 9 million electric and natural gas customers and businesses in Alabama, Georgia, Illinois, Mississippi, Tennessee, and Virginia. Under Womack's leadership, Southern Company and its subsidiaries are leading producers of clean, safe, reliable, and affordable energy, and leading innovators in the energy industry. EEI is the association that represents all U.S. investor-owned electric companies. Our members provide safe, reliable electricity for nearly 250 million Americans, and operate in all 50 states and the District of Columbia. As a whole, the electric power industry supports more than 7 million jobs in communities across the United States. In addition to our U.S. members, EEI has more than 70 international electric companies, with operations in more than 90 countries, as International Members, and hundreds of industry suppliers and related organizations as Associate Members. View original content to download multimedia: SOURCE Edison Electric Institute
Yahoo
36 minutes ago
- Yahoo
Texas ‘Trump Burger' joint getting spammed by chicken taco comments online. Why?
A Texas-based burger company that celebrates President Donald Trump is getting spammed online with orders for chicken tacos, a play on a recent phrase about tariff policies. Trump Burger has four locations in southeast Texas, including one in Houston. The burger joints boast Trump-themed menu items, campaign decorations and burger buns stamped with "TRUMP." The first location opened in 2020, founded by Roland Beainy, who moved to the U.S. from Lebanon the year before, according to FOX Business. But recently, the company's Facebook page has been flooded with comments and reviews about chicken tacos. Some of these comments are a response to social media calls to contact the business about chicken tacos after Trump lashed out at a reporter asking about a term a columnist used to describe how some investors are responding to Trump's tariff policy whiplash. Here is the story behind those "chicken taco" comments. Financial Times columnist Robert Armstrong coined "TACO trade" in May, describing how some investors anticipate market rebounds amid Trump's on-again, off-again tariff policies. The acronym stands for "Trump always chickens out." Armstrong describes TACO trade as many investors' strategy to buy into the market that dips when Trump announces steep tariffs on the assumption that he will back off his tariff order, and the market will rebound. In response to questions about the phrase, Trump defended his record on tariffs and called it a "nasty" question. A few social media users have posted the names and numbers of the Trump Burger locations with seemingly sarcastic pleas not to call and order chicken tacos. Trump Burger's Facebook page, which has not posted since early May, has been inundated with comments and reviews talking about chicken tacos. "They ran out of chicken tacos. Was really looking forward to a TACO," one review stated. Similar comments can be found on their Instagram and TikTok posts. Yelp's reviews for two of the locations were turned off June 3, as the restaurant pages show an "Unusual Activity Alert" while Yelp "work(s) to investigate whether the content you see here reflects actual consumer experiences rather than the recent events." At least one review mentioned tacos, though it appears to have been removed for violating the platform's policy. Trump Burger did not respond to multiple forms of outreach from the USA TODAY Network on June 3. Trump Burger has four locations: Kemah, Bellville, Flatonia and Houston. Local media outlets have visited the Trump Burger locations to provide insight into the menu and atmosphere.. "Every Trump Burger location tries to outdo itself in nationalist and personality cult aesthetics," Brittany Britto Garley wrote in Eater Houston, adding there were better burgers to be had in Houston. Bao Ong at the Houston Chronicle wrote, "most dishes are unremarkable and far from making the Chronicle's best burgers guide." Both outlets reported that the restaurant chain has no official connection to the president. The Trump Organization did not immediately respond to a request for comment. Kinsey Crowley is the Trump Connect reporter for the USA TODAY Network. Reach her at kcrowley@ Follow her on X and TikTok @kinseycrowley or Bluesky at @ This article originally appeared on Palm Beach Post: Chicken taco comments flood Trump Burger restaurants on Facebook, Yelp
