Aug. 7 (Bloomberg) -- 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.
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