Iraq's cabinet has approved deals with South Korea's Hyundai Engineering Co. (000720.SE) and Greece-based Metka (METKK.AT) to build power plants in the southern oil hub of Basra worth up to $656.9 million, a government spokesman said, in moves aimed at tackling the acute power shortage in the oil-rich country.
Iraq'
s
cabinet
has
approved
deals
with
South
Korea'
s
Hyundai
Engineering
Co.
(000720.SE) and Greece-based
Metka (METKK.AT) to build power plants in the southern oil hub of
Basra
worth
up to $656.9 million, a government spokesman said, in moves aimed at tackling
the acute power shortage in the oil-rich country.
Hyundai Engineering Co. will build the 1,500 megawatt Rumaila power plant for
$308.064 million, while Metka will construct a 1,250 megawatt power station in
Shatt-al-Basra at a cost of $348.870 million, Ali Al Dabbagh said in a
statement late Tuesday.
The two companies are obliged to complete work on the two gas-fired stations
within two years, Dabbagh said.
The two power plants will be funded by the Japanese International Cooperation
Authority, as part of the $5 billion aid package that
Japan
pledged to
Iraq
in
2003, the spokesman added.
Iraq, which suffers from an acute power shortage, hopes to at least double its
power generation capacity, which stands at only 6,500 megawatts--less than half
of the country's actual electricity requirements.
More than eight years after the U.S.-led invasion,
Iraq
's
national grid provides only a few hours of power each day during summer when
temperatures soar to 50 degrees Celsius.
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