Siemens Signs Deal to Rebuild Iraqi Power Plants Damaged by ISIS

   By Antonia Di Lorenzo

Siemens AG (SIE.XE) has signed an agreement with engineering company Orascom Construction (OC.NDB) and the Iraqi government to rebuild two power plants in Iraq, Siemens said over the weekend.

The German conglomerate said that the plants, based in Baiji to the north of Baghdad, will have a combined capacity of 1.6 gigawatts. The plants were damaged by Islamic State militants.

The reconstruction of the plants will start once Iraq's Council of Ministers approves the contracts and a financial agreement is reached with the Ministry of Finance, the company said.

This project "will create hundreds of jobs, which is a further demonstration of Siemens' commitment to support knowledge transfer to the Iraqi people," said Karim Amin, chief executive officer of Power Generation at Siemens.

The company said the projects should be completed within 28 months after the financial closing.

Write to Antonia Di Lorenzo at antonia.dilorenzo@wsj.com; @AntoniaDL89

(END) Dow Jones Newswires

September 16, 2019 05:07 ET (09:07 GMT)

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