Korea’s Posco Wins $700m KRG Power Contract

: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home/filecom/public_html/sbdc/includes/unicode.inc on line 311.

By John Lee.
The KRG has signed contracts worth $700 million (840 billion Iraqi dinars) with South Korea’s Posco Engineering & Construction Company and the Korea National Oil Company (KNOC) to build a power station and tranformer.
Posco will build the plants and KNOC will finance the projects in line with terms of its 2008 oil-exploration agreement with the KRG.
The project includes the construction of a 300-MW steam power plant to be built in Khabat town, to the west of Erbil city.
The 400-KV transformer project will be in Bazyan town, in Sulaimaniyah province.
(Sources: Reuters, Bloomberg, AKnews)