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GE and Siemens have signed agreements for large power generation deals in Iraq. GE has said that it has signed an agreement to add 14 GW of generation capacity, with an order for 1.5 GW due to be available from summer 2019.
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In addition, Siemens said that it has signed an agreement with Iraq to supply the country with 11 GW over four years.
Neither agreement is a binding contract, but may become so when Iraq’s new Government is sworn in.
Joe Kaeser, Chief Executive of Siemens, said: “We promised them to achieve affordable and reliable power supply, help with anti-corruption, build schools and hospitals, and create thousands of jobs.”
GE said that it was offering a “holistic” plan, which included financing, local investments, and training. Baker Hughes, an oilfield services company 62.5 per cent owned by GE, is offering technology to capture flare gas from Iraq’s oilfields, for use in power generation. Russell Stokes, Chief Executive of GE Power, said that its plan for quick deployment of 1.5 GW was vitally important for the Iraq economy.
Musab Al-Khateeb, Chief Executive in Iraq for Siemens, said that negotiations had centred on details rather than on political considerations. He said: “We worked on this from the bottom up rather than the top down. We locked in the procedural portion, the financing, and what the budget would be over multiple years. After that, we went for the MOU.”