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Iraq Cabinet Approves $927 Million For Power Projects

The Iraqi cabinet has approved an additional budget of $927 million for the country's electricity ministry to finance new power projects in a bid to offset public anger over acute shortage of electricity, a government spokesman said Monday.
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Δευ, 13 Ιουνίου 2011 - 11:37
The Iraqi cabinet has approved an additional budget of $927 million for the country's electricity ministry to finance new power projects in a bid to offset public anger over acute shortage of electricity, a government spokesman said Monday.

Ali Al Dabbagh said that the new fund will be used to finance several contracts that the electricity ministry has recently signed with international companies to increase the country's power generation.

Iraqis currently receive less than four hours of state-supplied electricity a day in summer when temperatures soar to more than 50 degrees Celsius, and no more than four hours in the winter. Those who can afford it get added supplies from private generators.

Angry Iraqis staged violent demonstrations last summer in several southern cities over power shortages and blamed the government for not solving the problem.

Iraq's aging power plants' production as well as imports from Syria and Iran stands at only 6,500 megawatts, less than half of the country's actual needs.

The Iraqi electricity ministry announced earlier this year that it would build 50 small power plants by the summer of 2012 to alleviate shortages. The units costing $6.25 billion would be installed by U.S. company Caterpillar Inc. (CAT), MAN SE (MAGOY) of Germany and a number of South Korean firms.

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