Hyundai, Metka Win Iraq Power Deals Worth $357m

Iraqi government spokesman Dr Ali al-Dabbagh has announced that Iraq's cabinet has approved projects to build two power stations in southern Iraq.

The 1,500 megawatt Rumaila power station will be built by South Korean Hyundai Engineering at a cost of $308 million, while the 1,250 megawatt plant in Basra will be built by Greek company Metka at a cost of $349 million.

Both plants are gas-fired, and are to be completed within two years.

Both plants will be funded by the Japanese International Cooperation Agency (JICA), as part of the $5 billion aid package that Japan pledged to Iraq in 2003.

(Sources: Wall Street Journal, Reuters)

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