New Agreement Signed between GE and Ministry of Electricity

On Wednesday, the Iraqi Ministry of Electricity has confirmed that Iraqi Electricity Minister Qassim Fahdawi signed a financial agreement with the U.S based General Electric Company.

The statement further indicated that Iraqi Minister of Electricity signed a technical agreement on 28th January 2016. Both of these agreements are related to the maintenance of 13 obstetric stations and the future plan of General Electric Company to add 700 Megawatts electric power in the existing national electricity system until the mid of summer. The Ministry further added that today was the settlement of the financial agreement. The Ministry of Electricity obtained approval from the Iraqi Ministry of Finance and Iraqi Trade Bank in order to finalize the payment of contract. This contract is estimated at more than 328 million U.S dollars and will be payable over next three years. Point to be noted that payment will be started after the completion of the maintenance work agreement.

The statement further said that the agreement includes a refinement period of repayment for the first year after the payment for supposedly two years with 8 batches (4 installments per year). It is also said that this contract agreement includes 4 paragraphs dedicated to the maintenance for the units of gas generating stations. These gas stations are located in Karbala, Khairat, Najibiyah Shatt Al-Basra, Southern Baghdad, Jerusalem, Alhaiderya, Najaf and Diwaneah. The statement indicated about the supply and installation of engines units LM6000 to the stations of Jerusalem and Musayyib. The invade processing and installation of units for fuel reprocessing plant in Diwaneah. The restoration and installation of gas engine plant for Bazergan.

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