Iraq’s Kurdistan Signs Power Agreements With KNOC, Posco

Iraq’s semi-autonomous Kurdistan regional government signed contracts with South Korea’s Posco Engineering & Construction Company Ltd. and Korea National Oil Corp. to build two power plants for $700 million.

Posco will build the plants and KNOC will finance the projects in line with terms of its 2008 oil-exploration agreement with the Kurdish northern region of Iraq, according to a statement on the regional government’s website.

The projects include the construction of a 300-megawatt steam power-generation plant in the Erbil region within three to six months and a 400-kilovolt power transformer in Sulaimaniya province within eight months, according to the statement, which was dated yesterday.

To contact the reporter on this story: Nayla Razzouk in Dubai at nrazzouk2@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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