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.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE