Wednesday, December 5, 2007

China firm bags $940mn Iraq power deal

Iraq has handed a $940 million contract to China’s Shanghai Heavy Industry to build a power plant 150km south of Baghdad.

Iraqi Electricity Ministry spokesman Musaab Al Mudarrs told Dow Jones yesterday the project would inject 1,320 megawatts of electricity into the country’s grid. Deputy Electricity Minister Salam Al Qazaz and the governor of Wasit province signed the contract in China earlier this week.

Iraqi Electricity Minister Karim Waheed said recently the country needed $25 billion by 2015 to upgrade its electricity sector and more than double power generation capacity.