Hyundai Wins $396m Iraq Power Deals

Reuters reports that Iraq has signed contracts worth $396 million with South Korea's Hyundai Engineering to build two new power plants.

Laith al-Mamury, head of investments and contracts at the electricity ministry, said the plants will have a total capacity of 1,752 megawatts.

There will be five units of 292 MW each in Rumaila, with a total value of $308 million, and a separate deal worth $88.5 million for a single 292 MW gas unit at Taza in Kirkuk province.

The gas units were bought from Siemens in a contract signed in 2008.

The Rumaila contract is expected to be completed in 21 months while the Taza deal should be finished within 18 months.

Iraq finalised a $1.08 billion contract with China's CMEC last week to build a 1,260 MW plant in Salahaddin province.

(Source: Reuters)

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