By John Lee. The Financial Times has reported that the recently-agreed electricity deals with Siemens and General Electric (GE) are not certain to be approved. It quotes Minister for Electricity Luay Al-Khatteeb (pictured) as saying: “I don’t have financial allocations or the processes available at hand, it doesn’t allow me to cherry-pick the right consultancies […]
UK Export Finance (UKEF) has announced it will support UK firms with US $1.02 billion to build two new power stations in Iraq and support the restoration of a number of electricity substations in the country. US $1.02 billion in support for UK firms to build two new power stations Agreement will help build and […]
By John Lee. Talks are reported to be continuing between Germany's Siemens and the Iraqi Ministry of Electricity regarding a major investment in the country's electricity infrastructure. Lisa Davis (pictured), CEO of the Siemens Gas and Power Operating Company, and member of the corporation's managing board, told The National last week that "discussions are ongoing”, […]
By John Lee. General Electric (GE), Standard Chartered Bank and the state-run Trade Bank of Iraq (TBI) are reported to have jointly closed a $600-million financing agreement to fund the ambitious electricity project 'Power Up Plan' in Iraq. According to Trade Arabia, the project will be implemented in two phases, providing more than 2 gigawatts […]
GE (NYSE: GE) signed Principles of Cooperation (POC) with the Iraqi Ministry of Electricity to develop the country’s power sector. The plan is expected to generate up to 14 gigawatts (GW) of power, create up to 65,000 direct and indirect jobs, support the government to realize savings and recoverable losses of up to $3 billion […]
By John Lee. Germany's Siemens may have to share a $15-billion contract to supply power-generation equipment to Iraq with US rival General Electric (GE). The Financial Times reports that although it appeared that Siemens would win the deal, the Trump administration successfully intervened on behalf of GE. Last month German business newspaper Handelsblatt reported that […]
By John Lee. German business newspaper Handelsblatt reports that Chancellor Angela Merkel has personally intervened with Prime Minister Haider al-Abadi to persuade the Iraq Government to sign a major contract with Siemens to upgrade the country's electricity infrastructure. It is understood that the State Secretary for Economic Affairs, Thomas Bareiß, accompanied Siemens Chief Executive Joe […]
Baker Hughes, a GE company has been awarded a contract by the South Gas Company of Iraq (SGC) for fast-track solutions to help the recovery of flare gas for Nassiriya and Al Gharraf [Garraf] oilfields. The importance of the project was highlighted by the attendance of several high-level officials, including HE Jabbar Al-Luaib, the Minister […]
By John Lee. UK Export Finance (UKEF) has published its annual report and accounts for 2017 to 2018, in which it lists three export projects supported in Iraq: Enka UK Construction Ltd received letter of credit guarantees and supplier credit totalling £87,910,650 for the construction of a gas-fired power plant for Iraq's Ministry of Electricity; […]
GE Power has installed its Advanced Gas Path (AGP) gas turbine upgrade solution at the Iraqi Ministry of Electricity’s (MOE’s) Najibiya Power Plant. The solution is expected to enable the MOE to increase the duration between the maintenance inspections of the gas turbines. This will decrease the downtime of the turbines and improve the availability […]
By John Lee. Baker Hughes has signed a contract to harness 200 MMcf/d of natural gas from Iraq's Nassiriya and Gharraf oil fields. The Nassiriya field is operated by the state-run Dhi Qar Oil Company (DQOC) and currently producing around 70,000 barrels per day of crude oil, with a target of 150,000 bpd. Gharraf is operated […]
The UK's Minister of State for Trade and Export Promotion, Baroness Rona Fairhead (pictured), has announced $210.8 million in support from UK Export Finance (UKEF) for the second project agreed under the UK-Iraq infrastructure Memorandum of Understanding. The contracts with the Ministry of Electricity in Iraq, valued at $220 million, will see GE Global Services UK upgrade […]
