Koreans win $1.7bn Power Contracts

By John Lee.

Reuters reports that Iraq has approved $1.7 billion in contracts with Korean companies Samsung Engineering and Hyundai Heavy Industries to build two engineering projects:

  • Samsung won a $894.5 million contract to handle engineering, procurement and construction work on a degassing station in the Zubair oilfield;
  • Hyundai won a $818 million contract to build a 230-MW plant in Yousifiya, south of Baghdad.

Final approval by the oil ministry will be required before the deals are formally awarded.

Total power supply, currently at 12,000 MW, is expected to reach 16,000 MW in three months and 18,600 MW by the end of 2014, the ministry spokesman said.

(Source: Reuters)

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