TELETRADER News
9/23/2018, 8:17 PM (Source: TeleTrader)
more TeleTrader news

Siemens-0.24%

116.82
Chart for: SIEMENS AG  NA O.N.

Siemens working on deal with Iraqi govt - report

Chief Executive Officer of Siemens AG Joe Kaeser talked of signing a memorandum of understanding with the Iraqi government on Sunday, as a step towards a deal to supply energy generation technology to the Middle-Eastern country, local outlet Handelsblatt reported citing government and business sources. The deal could be worth up to €9 billion ($10.6 billion), with some government sources mentioning upwards of €13 billion, and one of the biggest deals in the company's history.

"Through our proposal, we aim to add 11 gigawatts of power generation capacity in four years, create thousands of jobs in the country, and support anti-corruption, skills development and education among Iraqis," Siemens spokesman told CNBC.

According to the Handelsblatt, German Chancellor Angela Merkel supports the project and called Iraqi Prime Minister Haider al-Abadi to promote the offer from Siemens. Germany has an interest in stabilizing the country and provided a loan of up to €500 million, the outlet noted.

Breaking the News / NI