Iraq in $1bn Power Deals with Chinese, Korean Firms

Reuters reports that Iraq has finalised a $1.08 billion contract with the China National Machinery & Equipment Import & Export Corp (CMEC) to build a 1,260-megawatt thermal power plant.

"The signing will take place next week or the week after," Laith al-Mamury, the head of investments and contracts at the ministry, said at a ceremony in Baghdad.

Also at the ceremony, Iraq signed an $85 million contract with South Korea's LS Industrial Systems to install 35 power distribution substations.

CMEC will build the plant, comprising two power units of 630 MW each, in the Salahaddin province north of Baghdad.

Mamury also said the ministry had signed a $1.044 billion contract recently with STX Heavy Industries, a unit of South Korea's STX Group, to build diesel power stations with a total capacity of 900 MW in three provinces.

(Source: Reuters)

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