Iraq signs deal with GE Vernova for 24,000MW power projects
The agreement was signed in the presence of Iraqi Prime Minister Mohammed Shia Al Sudani during a visit by a high-level US delegation comprising representatives from 60 private firms.
The deal will pave way for the largest and most advanced electricity generation initiative in Iraq's history, said a statement from the Iraqi Prime Minister's office.
It also includes provisions for securing external financing through major global banks, it added.
With production currently standing at just 16,000MW, the energy ministry hopes to exceed 27,000MW this year.
The deal also comes as Iraq seeks to diversify its energy sources away from dependence on its powerful neighbour Iran, reported AFP.
The US administration has told Baghdad that it expects "rapid progress" in eliminating "all purchases of natural gas" from Iran.
On March 8, Washington did not renew a waiver on sanctions that Iraq previously benefited from to purchase Iranian energy.
"The Iraqi government has drawn up plans to guarantee its energy independence and meet the population's demand for stable, uninterrupted electricity," Farhad Alaaldin, the prime minister's advisor on foreign affairs, told AFP.
The new partnership signed Wednesday "underscores the enduring relationship" between Baghdad and American companies, he said, adding that it is "capable of providing the expertise and services Iraq needs".
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