GE, Siemens enter deal for power projects in Iraq
GE sas its 14GW power capacity plan for Iraq could result in 65,000 direct and indirect jobs, leading to annual savings and recoverable losses of up to $3 billion
Siemens and General Electric have signed preliminary agreements to add 11 and 14 Gigawatts respectively to Iraq’s power infrastructure amid competition for multibillion-dollar contracts.
GE said on Sunday its 14GW power capacity plan for Iraq could result in 65,000 direct and indirect jobs, leading to annual savings and recoverable losses of up to $3 billion (Dh11.02bn). The company said it would secure financing for the projects through its relationships with international credit agencies and financial institutions.
Meanwhile Siemens, which had presented a plan for the reconstruction of Iraq’s power sector last September, said its 11GW agreement will examine “a series of short-, medium- and long-term plans to meet the reconstruction goals of Iraq and support the country’s economic development”.
The announcements come amid intense speculation that American GE had beaten the German company to secure Iraqi power contracts under pressure from the Trump administration.
Both companies are chasing what could be billions of dollars worth of contracts as they begin work to revamp power plants and reduce gas flared from Iraq’s southern oilfields.