Monday, March 26, 2007
Minsiter of Electricity - shortages to end by 2010
Electricity, Business
(Iraq Directory) - The Iraqi Minister of Electricity said that his country intends to put an end to electricity shortages by mid-2010, and talks are under way with investors, hoping to complete planned annual investments at the value of $ 2 billion. The electricity sector in Iraq needs to be rebuilt after years of war, sanctions and sabotage; electricity shuts off daily and only few areas in Baghdad gets a few hours of electricity a day.
The Minister of Electricity, Kareem Waheed, said: "we expect to get about two billion dollars (annually) from the government over the next four years and we must make up for the rest through either investors or through donors". Waheed pointed out that despite the security risks; foreign companies are making contacts with the government to invest in Iraq in future because it is considered a tempting electricity market being a major producer of oil.
Some Iraqi investors are currently building three power stations with the capacity of 500 megawatts in the Kurdish area, north of the country, and Waheed expressed his hope that these projects would encourage foreign capital. He said: "for this year, I think (foreign investment) is very difficult because of the lack of security but it may be possible next year; however, they have been in contact with us, and they are well-informed on their part. We have investors from Britain, America, Kuwait and other foreign and Arab countries.”
Labels: electricity, Kareem Waheed
