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FINANCIAL NEWS
Iraq allocates USD927m for power projects
13 Jun 2011
(MENAFN) In an attempt to cool down the discontent of Iraqis over ongoing power cuts, Premiere Nuri Al-Maliki’s announced the allocation of USD927 million for new electricity generation projects, reported Arab News.
The new budget would serve the installation and operation of multibillion-dollar gas turbines that were obtained back in 2008.
Iraqis’ anger is increasing as the country has some of the world’s biggest oil reserves, still, citizens receive electricity only for a few hours a day.
It is worth noting that the Electricty Minister Raad Shallal had earlier submitted a complaint saying that the ministry’s budget was insufficient for working out the problem of inconsistent power supply in the country. The minister said that now with enough money secured the ministry can do its work.
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