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10/21/2018, 5:50 PM (Source: TeleTrader)
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Siemens inks deal to lift Iraq's capacity by half

A memorandum of understanding (MoU) was signed for installing electricity generation capacity of 11 gigawatts over four years, Siemens SE and the Iraqi government said on Sunday. The German engineering titan made the step toward a contract as the authorities picked its offer over General Electric Co. The arranged boost would take capacity higher by nearly 50% and it can meet the demand of 23 million people, the company said.

The United States has reportedly been pushing for the deal to be awarded to GE. Joe Kaeser, president and chief executive of Siemens, said the power supply would be made "affordable and reliable" and vowed to participate in the fight against corruption in Iraq. He added funds would be provided for social matters such as the construction of schools and hospitals. Unofficially, the infrastructure to be built is worth $15 billion.

Of note, Siemens declined to reveal whether it would participate at a business event in Saudi Arabia next week. The Future Investment Initiative has been boycotted by international state officials and companies in the light of the apparent death of dissident Jamal Khashoggi.

Breaking the News / IT