The deputy chairman of Wassit provincial council, Mehdi al-Mussawi, told Aswat al-Iraq that it has signed a memorandum of understanding (MOU) with an Iranian company to build a 500-megawatt power station on a deferred payment basis, in addition to a 400-bed hospital and 5000 flats housing complex.

The MOU, which the approval of the electricity ministry and the cabinet, includes provision for the training of Iraqi personnel in Iran, and for Iranian physicians to treat Iraqi patients at the new hospital.

(Source: Aswat al-Iraq)

Azzaman reports that the Iran Foreign Investment Company (IFIC) is willing to invest heavily in a number of projects in the southern Iraqi province of Wassit, and is prepared to accept deferred payment for its acvities.

The head of the province’s information office, Majid al-Atabi, said the company’s offer was tempting because Wassit did not have to worry about immediate payment.

He said IFIC’s representatives were in Wasit and submitted their blueprints and designs for the projects the company wanted to start in the province.

“The provincial authorities have tentatively accepted the designs but still we need them to be approved by the province’s investment commission,” Atabi added.

IFIC plans to implement projects in various sectors including settnig up a pharmaceutical company and a cement plant, as well as building silos.

The Iran Foreign Investment Company was incorporated in March 1998 as a Private Joint Stock company with a mission to manage and expand Iranian holdings abroad.

A holding company, IFIC provides financing and financial services and makes investments around the world. IFIC has interests in energy, telecom and IT, banking, insurance, stock markets, industry, mining, oil, gas and petrochemicals, as well as new and future technologies.

Currently IFIC has ventures in different countries including Germany, Brazil, Egypt, Jordan, Sudan, Yemen, Namibia, Oman, United Arab Emirates and Armenia.

 (Sources: Azzaman, IFIC)

A company owned by the Iraqi Ministry of Industry and Minerals has announced that it will buy buy a textile production line from a Swiss company for 1.77 million Swiss francs [$2.24 million, 3 billion Iraqi dinars].

Alforat TV quotes a director of the company as saying that the company is waiting for Ministry approval to complete the contract with the Swiss company Rieter.

The production line is intended to produce high-quality yarn in Wassit [Wasit] governorate.

(Source: Alforat TV)

The head of the Wassit Investment Commission today laid the cornerstone for a $24m [29 billion Iraqi dinar] iron and steel factory.

This is the first factory to be established in the province in the last 40 years, the province’s media director stated.

Majid al-Attabi told Aswat al-Iraq that the factory will be established in Aziziyah area, 90 km north of Kut, by an Iraqi investor.

The last factory was build by the government 40 years ago for textile production.

The factory will provide 150 local jobs in addition to 15 percent of foreign workers with engineering specializations.

Wassit’s Investment Commission gave permission, since its establishment in 2007, for 10 investment permits in various sectors.

(Source: Aswat al-Iraq)

Wassit local government has signed a memorandum of understanding with the Indian company BHEL (Bharat Heavy Electricals Limited) to build a 500 MW power station, according to a report from Aswat al-Iraq.

Taha Rudaini, a member of the local government’s Media Committee, told the news agency that the station will be powered by diesel (black oil).

“The province got the final permission from the Ministry of Electricity to build this station”, he added.

BHEL has reportedly implemented power stations in Sulaimaniyah, Beiji [Baiji, Bayji], Rumaila (Basra), Oman, Yemen and UAE, in addition to its responsibility of 70 electrical projects in the region.

Discussions to find a venue for the station are underway.

(Source: Aswat al-Iraq)

The province of Wassit [Wasit] has blacklisted 19 general contracting companies for their slackness in implementign project, the province’s governor announced on Thursday.

“Nineteen were blacklisted and five of them had their licenses withdrawn for their delay in carrying out service projects,” Mahdi al-Zubaydi told Aswat al-Iraq news agency.

He noted that the local administration in the province has decided not to allow those companies to enter into tenders under their names or any other names and to notify the planning ministry and the trade ministry’s companies registering department on the names of those firms.

“The province will take whatever legal action available against those prohibited companies if they ever entered under other names or do work on a subcontracting basis,” Zubaydi added.

AKnews reports that over 600 companies work in the construction sector in Wassit province.

(Sources: Aswat al-Iraq, AKnews)

The chairman of the Wassit Investment Commission said that a number of Bulgarian companies visited the governorate on Thursday to discuss investment opportunities.

Sadeq Howeidi told Aswat al-Iraq news agency on Friday that the delegation discussed agriculture and industrial sectors, and signed a memorandum of understanding with the province relating to the medial sector.

They are reportedly also interested in infrastructural projects.

(Source: Aswat al-Iraq)

Wassit Provincial Council met with a number of Turkish firms on Sunday to discuss possible investment ventures in the province, according to the chairman of its information committee.

The projects are in the fields of sanitation, water networks and “urban communities”, Sondos al-Dhahabi told Aswat al-Iraq news agency.

“The designs of four new cities in the province – al-Dabouni, al-Noamaniya, al-Hafriya and al-Suwayra – will be announced,” she said.

Dhahabi noted that the council has warned blacklisted companies against implementing service and urban projects in the province under other names.

“The names of those companies will be announced this week.”

(Source: Aswat al-Iraq)