CAIRO (May 24 2010): Egypt’s Sewedy Cables is considering investing in Pakistan’s wind energy sector, Pakistan’s foreign minister said in Cairo on Sunday. “We have met with the Sewedy group yesterday and they have shown interest in investing in the energy sector in Pakistan. They have expertise and technology to fulfil our requirements,” Foreign Minister Shah Mehmood Qureshi told reporters.
“There are five projects of 10 megawatts each worth $200 million,” he said in a news conference following a meeting with Egyptian President Hosni Mubarak.
Sewedy, the largest Arab cable maker by market value, has said it is looking into supplying wind energy projects in the Middle East and Africa to tap growing demand.
Sewedy had no immediate comment. Pakistani diplomat Nasir Ali Khan said after the news conference that Sewedy was interested in setting up a wind turbine factory in Pakistan. “However as a first stage they want to put up a wind farm so that they can demonstrate the quality of their equipment and gain the confidence of many investors,” he said. “The first stage is putting up 50 megawatts in five stages and eventually they might expand this,” he said.
Sewedy shares were down 1.6 percent at 0916 GMT on Sunday, compared to the benchmark index which was 0.8 percent lower.