Korea's Posco, KNOC sign US$700M Iraqi power deal

Source：Ringier Release Date：2012-08-24 562

Metalworking

South Korea's Posco Engineering & Construction Company and Korea National Oil Corp (KNOC) have signed deals with Kurdistan Regional Government in Iraq to build two power facilities for US$700 million.

The deals will see the construction of a 300MW steam power-generation plant near Erbil, which has been scheduled to be built within three years, and a 400kV transformer in Sulaimaniya province. Posco will construct the two facilities, while KNOC will finance the projects in accordance with a deal signed with KNOC in 2008, in which it agreed to explore for oil and gas in the Kurdistan Region of Iraq, as well as build two power plants at a later stage.

This year has seen a flurry of activity in the Kurdistan Region of Iraq's power sector. Last month, a contract was awarded to ABB to build a new 640MW power plant by the end of 2013. GE also signed a deal with Mass Global to provide two GE C-7 steam turbines for a plant in Erbil.

JORDAN