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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.