Egypt readiness to begin a national nuclear energy« Thread S

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Egypt readiness to begin a national nuclear energy« Thread Started on Oct 30, 2007, 4:19am » --------------------------------------------------------------------------------Egypt Going NuclearLionel Laurent, 10.30.07, 2:22 AM ETread at source> http://www.forbes.com/2007/10/30/egypt- ... htmlLONDON - Mentioning the words "nuclear" and "Middle East" in the same breath is likely to conjure up doom-laden images of Iran, Israel, mushroom clouds and the doctrine of mutual assured destruction. But for Egypt, it could mean big business. On Monday, Egyptian President Hosni Mubarak announced his readiness to begin a national nuclear program, taking care to invoke the United Nations' International Atomic Energy Agency watchdog and "international partners" when describing his plans for "several" nuclear power stations. "We believe that energy security is a major part of building the future for this country and an integral part of Egypt's national security system," said Mubarak. The 79-year-old president added that the civil program would work "within a framework of transparency and respect of commitments to the nuclear non-proliferation system." Egypt, like Iran, is a signatory to the Nuclear Non-Proliferation Treaty. But it is unlikely that Egypt's plans will lead to the punishing sanctions or diplomatic stand-off provoked by Iran's pursuit of nuclear power. The North African country is an ally of the United States and Israel, and has enjoyed thriving foreign investment thanks in part to the strong grip of President Mubarak, who is widely believed to be grooming his son Gamal for the presidency. In fact, it is more than likely that if all goes well for the nuclear program, foreign investment will likely be boosted by equipment-makers like France's Areva (other-otc: ARVCF - news - people ) or Germany's Siemens (nyse: SI - news - people ). "Given historically close ties with Europe, I would say France is likely to be part of it," said Arsene Aka, an analyst with Global Insight. French company Areva has recently signed agreements with both Libya and Morocco to develop their nuclear energy sector. Aka also said that the U.S. had declared its willingness to co-operate and that Germany might also be involved. There will also be direct economic benefits for Egypt, with a more reliable energy supply boosting tourism and utilities. "If it goes ahead and if it is peaceful, I think it will really help the Egyptian economy," said Global Insight's Aka. But if there is political fallout over Mubarak's move, it may have negative consequences for the flow of money into Egypt. Punishing sanctions on Iran following its own allegedly civilian nuclear program have threatened energy companies like France's Total (nyse: TOT - news - people ) that have attempted to do business in the country. --------------------------------------------------------------------------------