Swiss-Swedish industrial giant ABB is targeting a completion date of 2024 for energy projects in Iraq worth $1.2 billion, according to managing director Mostafa Al Guezeri.
The Zurich based organisation last year signed a $500 million plan for the implementation of energy projects with the Iraqi government.
Mr Al Guezeri revealed that the company was committed to additional investment in the country by saying “Iraq is one of the most important countries for us and we work hand in hand with the ministry of electricity and whenever support is required,”.
He added “[Our team] has already provided $500m in funds for energy projects and this is already under execution and … also [there is] another $500m in another fund from Sweden. In addition, [we have given] another $200m. [We have provided] for Iraq $1.2bn worth of funds to be used in energy,”
Iraq, which is in the process of a major rebuilding operation, is currently prioritising the overhaul of its utilities network with frequent electricity outages, particularly during the warm summer months, having caused disruption and recent protests across the country.
Other major multinational companies including Siemens and GE have been at the forefront of new project openings in the utilities sector in Iraq and have presented plans to build new and upgrade existing power stations.
Source: The National