Siemens and Iraq sign landmark energy cooperation agreement
Siemens has signed a Memorandum of Understanding (MoU) with the Federal Government of the Republic of Iraq to strengthen the collaboration with the Ministry of Energy as well as Ministry of Oil & Gas for modernizing the energy infrastructure and the Oil & Gas sector. In the presence of the Prime Minister of Iraq, Haider Al Abadi, the MoU was signed by Qassim Al-Fahdawi, Minister of Electricity, and Siegfried Russwurm, Member of the Managing Board of Siemens AG, in Baghdad.
Under the terms of the agreement, Siemens will develop an enhanced energy concept to advise the Iraqi government on the development and optimization of the country’s power generation and grid infrastructure including power generation mix. “With this important agreement, we intensify the long lasting partnership between Siemens and Iraq,” said 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.”
The parties also intend to explore potential scope of further cooperation in the power generation sector as well as in the field of oil and gas. Siemens and Iraq envisage exploring financing solutions for projects to be developed as well as maintenance and rehabilitation of existing power plants/infrastructure in close collaboration with the Federal Government of Germany.