STX Heavy and Iraq Sign $2.76bn EPC Contract

22 May 2011 (Last Updated May 22nd, 2011 18:30)

South Korea's STX Heavy Industries has signed an engineering, procurement and construction contract with Iraq's Ministry of Electricity in Baghdad for the construction of 25 diesel-powered power plants in Iraq. Under the $2.76bn contract, STX Group's unit will develop complexes capable

South Korea's STX Heavy Industries has signed an engineering, procurement and construction contract with Iraq's Ministry of Electricity in Baghdad for the construction of 25 diesel-powered power plants in Iraq.

Under the $2.76bn contract, STX Group's unit will develop complexes capable of generating 2,500MW of energy.

The plants will be located from the southern city of Basra to the south of Baghdad.

The company said the deal is part of Iraq's project to build 50 new power plants at a cost of $6.25bn.

Construction of the diesel-fired plants is expected to be complete in 13 months.