Economics
Siemens nears multi-billion dollar deal in Iraq- Handelsblatt
German engineering group Siemens is working on a deal worth up to 9 bn euros ($10.6 bn) to supply energy generation technology to Iraq, business daily Handelsblatt reported, citing government and industry sources. Siemens Chief Executive Joe Kaeser has travelled to Iraq to secure a memorandum of understanding with the country on Sunday, the paper said, adding the deal also involved power transmission technology. Siemens said it was proposing a deal to add 11 gigawatt (GW) of capacity over four years, saying this would boost the country's capacity by nearly 50%. Iraq has a wide gap between electricity consumption and supply. Peak demand in the summer, when people turn on air conditioners due to high temperatures, is about 21 GW, far exceeding the 13 GW the grid is currently provides, experts say.
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