A Memorandum of Understanding (MoU) has been signed between German engineering giant, Siemens and the Federal Government of the Republic of Iraq with aims to modernize the entire energy sector in Iraq including infrastructure and focusing on the oil and gas sector. The Ministry of Energy and the Ministry of Oil and Gas have jointly signed the MoU.
The signing of the memorandum took place in Baghdad and was signed by the Prime Minister of Iraq, Mr. Haider al Abadi, Qassim al-Fahdawi, the Minister of Electricity and Siegfried Rosswurm, a member of the managing board of Siemens AG.
As part of the agreement, Siemens will help Iraq optimize their power generation and grid infrastructure including power generation. Helping Iraq not only enhance but strategically advise the government on the development of these sectors.
“With this important agreement we intensify the long lasting partnership between Siemens and Iraq,” said Siegfried Russwurm. “With our broad portfolio and comprehensive expertise in power generation, transmission as well as in Oil and Gas sector we will assist and support the Iraqi Government to develop a sustainable and modern electricity system to ensure the country’s economic and social development.”
In continuance with the support from Siemens, the company will also explore opportunities in the oil and gas sector. Siemens will not only aid in maintenance and rehabilitation of currently operating power generation plants, they will also determine areas in the government where there could be potential financial gains to fund projects and provide cash-flow solutions.