By Nathan Allen

Germany's Siemens AG (SIE.XE) said Monday that it has signed contracts worth about 700 million euros ($823.8 million) with Libya's state-owned utility to build two gas-fired power plants.

The industrial conglomerate said the contract with General Electric Company of Libya includes engineering, procurement, construction and long-term servicing of one 650-megawatt open-cycle plant in Misrata and one 690-megawatt open-cycle plant in Tripoli West.

Siemens's long-term strategy for its gas-and-power unit involves pivoting toward emerging markets as demand for its large gas turbines continues to decline in Europe and the U.S.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

December 11, 2017 05:17 ET (10:17 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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