FINANCIAL NEWS

Iraq, UAE ink electricity deal

16 Apr 2012

(MENAFN) The Iraqi Electricity Ministry said that it has inked a deal with UAE’s Oilfield Services to acquire 250 megawatts (MW) of electricity on a daily basis, reported Gulf News.

The ministry added that the 2-year deal was based on a price of 7.5 cents per kilowatt hour and included 2 power plants, which will be docked on ships, which are expected to reach Iraq’s port of Basra within a few weeks, and the plants will be linked to the national grid by July 31.

It also said that in the coming few months, the country plans to boost the national grid’s capacity by nearly 1,500 MW.

It is worth noting that the contract aims at handling acute power shortages given the start of summer.

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