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FINANCIAL NEWS
BIC, Dao Al-Jomaihi ink USD125m power deal
01 Apr 2011
(MENAFN) Basrah Investment Commission (BIC) head, Haider Ali Fadhil, stated that Iraq signed a USD125 million deal with Saudi firm Dao Al-Jomaih, by which the latter would build a 150 megawatt capacity power plant in Iraqi Basra, reported Reuters.
Fadhil also said that Dao Al-Jomaihi would build the plant in Basrah’s southern oil hub and would also install two French-made gas turbines. He estimated the project to be completed by October.
The company’s head added that Iraq’s electricity demand between June and August is estimated to go over 15000 megawatts, and the deal was aimed at countering the expected shortage as supply was 6700 megawatts last year.
It is worth noting that Basrah Investment Commission (BIC) is an Iraqi firm that grants investment licenses, identifies and secures strategic investment opportunities, promotes investment, and guarantees the provisions of the Investment Law.
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