Qatari companies partner with Iraq on $9.5 billion worth of projects | Reuters
Three Qatari companies and Iraq's National Investment Commission have agreed to develop $9.5 billion worth of projects in Iraq, including the construction of a pair of power plants that will generate a total of 2,400 megawatts, according to statements issued on Sunday.
UCC Holding and the investment commission on Thursday signed a 25-year public-private partnership linked to the two power plants, which will cost $2.5 billion to build, a statement issued by UCC Holding said.
The power plants will help reduce Iraq's reliance on neighbouring Iran for its energy needs.
Iraq imports electricity and gas from Iran, which in total makes up between a third and 40% of its power supply, especially crucial in the sweltering summer months when temperatures can top 50 degrees Celsius (122°F) and power consumption peaks.
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