Egypt signed a contract to build its first nuclear reactor. The $161 million contract was signed with an Australian company, WorleyParsons, which will serve in an advisory role during its construction.
Egypt’s Prime Minister Ahmed Nazif called the move a big step for his nation. "This is an important step... in achieving the aim of transforming Egypt into a pivotal regional hub for all forms of energy," he said in a Cabinet statement. Egypt said that the reactor would be for peaceful purposes in order to preserve their oil supplies. The cost of building the nuclear reactor is expected to cost between $1.5 and $1.8 billion.