Iraq entered into deals with the electricity companies, Chinese and Korean
Erbil, November 17 (Rn) - The Iraqi Ministry of Electricity said Thursday it put the finishing touches to a contract worth $ 1.08 billion with the company "Chaana Mahinery Engineering have" the Chinese to create a power plant thermal capacity of 1260 MW.
Said Laith Maamouri, head of investments and contracts at the Ministry of Electricity, will be signing the agreement next week or next.
He was speaking during the signing ceremony Maamouri contract worth $ 85 million with the South Korean industrial systems for the installation of 35 stations to the electricity distribution subsidiary in the central region.
The Maamouri that "the most significant problems facing the electricity sector is in the distribution phase," noting that "the ministry confined these problems through a contract to set up 300 stations distributed over three years to come."
"The signing of the contract with the Korean company is part of the first phase, which included 100 stations set up," adding that "we will sign in 2012 to 100 in 2013, the other will sign the 100 third."
He said that "Iraq will pay in advance 10% of the contract value and 40% upon completion of the Monument stations and the remaining 50% one year after the completion of the project."
Iraq needs at least 14 000 MW to meet the high demand for energy, while what he has does not currently exceed seven thousand megawatts, and power cuts comes on top of citizens' complaints.
Iraqis depend on generators to address the continuing shortage of up to about 18 hours a day.
The company will be the China National Import and export of machinery and equipment, building the plant with heat and power units provide 630 MW each in Salahuddin province north of Baghdad.
Said Maamouri also said the ministry has signed a contract worth 1.044 billion dollars in recent times with S. T. X Heavy Industries, a unit of the SGS Group. T. X to build power plants, diesel-powered total capacity of 900 MW in three provinces.
It is scheduled for completion of these units in July 2012.
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