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    PROJECTS: Iraq needs $20bln for power projects


    December 7, 2021 - By Staff Writer, ZAWYA

     

      By Staff Writer, ZAWYA

      Iraq needs nearly $20 billion to fund power projects for the next five years to lift capacity to 54,000 megawatts (MW) within a post-war programme to rehabilitate its public utilities, the official Alsabah newspaper said on Tuesday.

      The OPEC member is expected to add nearly 28,000 MW to its existing electricity generation capacity by the end of summer 2022, the paper said, quoting Electricity Ministry spokesman Ahmed Al-Abadi.

      “Iraq needs to add around 35,000 MW to its power production and in case all plans and projects are completed on schedule, we expect nearly 28,000 MW to be added by the end of next summer,” Abadi said.

      “The Ministry has drawn up a five-year plan to ensure all parts of the country are covered by electricity…this plan envisages investment of $20 billion, which could be secured through the state budget and investment by developers.”

      Iraq, which is recovering from years of internal conflict, has already awarded conventional and renewable power projects to a number of foreign firms, including France’s Total, Abu Dhabi-based Masdar and Siemens of Germany.

      (Writing by Nadim Kawach; Editing by Anoop Menon)

      (anoop.menon@refinitiv.com)

      Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

      © ZAWYA 2021

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