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(Bloomberg) – Iraq has approved a plan to develop power plants in the country with the help of Siemens AG, which rivals General Electric Co. to win a deal worth up to $ 15 billion.
The firm has chosen Siemens, the largest engineering company in Europe, based in Munich, as a partner in the project to develop electricity projects in the country, according to a government statement not giving more details.
The Iraqi order is crucial for Siemens and GE, as it would support companies in energy production difficulty of both companies. The race between them resulted in a wave of activity by Germany and the United States on behalf of their respective companies. Increasing electricity generation is also an urgent priority for Iraq, where sporadic outages and unpredictable power supplies have impeded the economy since the 2003 US invasion.
"We are obviously aware of the latest Iraqi media reports and we are determined to implement our road map for the re-electrification of Iraq," Siemens said in a statement. "Until now, no concrete contract has been signed to execute the application scope defined in the roadmap."
In October, US officials said that the intervention of the administration of President Donald Trump had successfully canceled the agreement with Siemens for the development of generators and persuade Baghdad to sign an agreement with GE, based in Boston . But the Iraqi government then declared that the two companies were on an equal footing.
About a month later, Siemens President and CEO Joe Kaeser criticized the apparent US political pressure on Iraq for it to sign the deal, as a distorted competition.
(Updates with Siemens commentary in the fourth paragraph.)
To contact the reporter about this story: Khalid Al-Ansary in Baghdad at [email protected]
To contact the editors responsible for this story: Nayla Razzouk at [email protected], Bruce Stanley
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