STX Signs Deal for 25 Power Plants

Korean company STX Heavy Industries has signed an agreement today to install 25 power plants to generate a total of 2,500 megawatts in Iraq, according to a report from Bloomberg.

“This is a big event as the company will be establishing 25 plants in a region ranging from the southern city of Basra to the south of Baghdad,” Iraqi Electricity Minister Raad Shallal said in a speech during the signing, aired on the state-sponsored Iraqiya television.

The diesel-fired plants will be built over the next 13 months, he said during the ceremony attended by Iraqi Prime Minister Nuri al-Maliki.

The units are half of the 50 new 100-megawatt power plants planned by the Iraqi government at a cost of $6.25 billion. A group of South Korean companies won the contract for the first 25 installations on April 7.

(Source: Bloomberg)

One Response to STX Signs Deal for 25 Power Plants

  1. […] the past week alone, we’ve reported on a Korean company signing a deal for 25 power plants, one of the biggest oil services companies forecasting increased activity in the country, and a […]

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  1. Another Way Iraq Business News Can Help You | Brussels news - May 25, 2011

    […] the past week alone, we’ve reported on a Korean company signing a deal for 25 power plants, one of the biggest oil services companies forecasting increased activity in the country, and a […]