Korea's Posco Wins $700m KRG Power Contract

By John Lee.

The KRG has signed contracts worth $700 million (840 billion Iraqi dinars) with South Korea’s Posco Engineering & Construction Company and the Korea National Oil Company (KNOC) to build a power station and tranformer.

Posco will build the plants and KNOC will finance the projects in line with terms of its 2008 oil-exploration agreement with the KRG.

The project includes the construction of a 300-MW steam power plant to be built in Khabat town, to the west of Erbil city.

The 400-KV transformer project will be in Bazyan town, in Sulaimaniyah province.

(Sources: Reuters, Bloomberg, AKnews)

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