Alstom Signs $94m Power Contract in Nineveh

Iraqi’s Ministry of Electricity signed a contract on Saturday with French conglomerate Alstom to build a power generation plant in Nineveh province at a cost of approximately $94 million, according to AKnews.

The Ministry said the plant will begin generating by the end of 2012.

Reuters reportst that the deal requires Iraq to pay 10 percent of the cost to Alstom in advance, and 40 percent a year after the start of construction. There were no details on when the rest of the cost would be paid.

(Sources: AKnews, Reuters)

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