ElSewedy Electric will delay investing $65 million to build a plant in Libya after unrest in the North African country. The company is said to be at very preliminary stages with minor investments made and they were in the process of getting a piece of land for the project.
The Arab world’s biggest listed producer of cables used in power transmission and telecoms has plants in countries from Egypt to Ethiopia, Nigeria, Saudi Arabia, Algeria and Zambia. ElSewedy signed an agreement in 2007 with the General Electricity Co. of Libya and the Libyan Economic Development Fund to build the plant in Tripoli with an annual capacity of 13,600 tons of cable. ElSewedy said at the time it would have a 55 percent stake in the venture, while General Electricity Co. and the Libyan Economic Development would own the rest.