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Siemens Discussing New Electricity Deal In Iraq

Senior German politicians have provided support for the proposed infrastructure contract

According to reports in German newspaper Handelsblatt, German chancellor Angela Merkel has made a personal intervention with Iraq Prime Minister Haider al-Abadi in order to support the signing of a new major contract with Siemens for the upgrade of the country's electricity infrastructure.

It is also reported that Thomas Bareiß, German state secretary for economic affairs, has also accompanied Siemens Chief Executive Joe Kaeser on a trip to Baghdad this Sunday to provide backing for the multi billion dollar opportunity with German export credit finance company Hermes expected to underwrite the deal.

U.S. energy giant General Electric (GE) are also expected to be interested in the proposed deal.

Source: Handelsblatt


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