Korea’s Posco Wins $700m KRG Power Contract
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)